BSP Prices $1.1B CRE CLO Backed by Multifamily Loans

Benefit Street Partners has closed BSPDF 2026-FL3, a $1.1 billion managed commercial real estate collateralized loan obligation. The collateral pool includes a diversified mix of commercial real estate loans, with significant exposure to the multifamily sector. 

The transaction, which settled March 12, 2026, features a 30-month reinvestment period and a 180-day ramp-up acquisition period. The CLO was structured with an initial advance rate of 88.625% and a weighted average interest cost of one-month CME Term SOFR plus 1.68%, before transaction costs.  

“The transaction reflects the quality and diversity of the collateral pool, where significant multifamily exposure and a broad property mix resonated with investors and highlight the strength of our real estate credit platform,” said Michael Comparato, head of commercial real estate at Benefit Street Partners. 

The CLO represents the second transaction issued from BSP’s Real Estate Opportunistic Debt Fund II, which closed in January with $3 billion in equity commitments. Including related vehicles and leverage, the strategy has approximately $10 billion in investable capital, targeting both senior and junior debt investments in U.S. commercial real estate, with a particular emphasis on multifamily properties. 

Benefit Street Partners, a wholly owned subsidiary of Franklin Templeton, manages approximately $92 billion in assets across private debt, real estate credit, structured credit and liquid loan strategies. The firm’s broader platform also includes direct lender Apera Asset Management. 

J.P. Morgan Securities LLC served as sole structuring agent. Atlas SP Securities, a division of Apollo Global Securities, LLC, Barclays Capital Inc., Citigroup Global Markets Inc., and Wells Fargo Securities, LLC served as co-lead managers and joint bookrunners.