TPG RE Finance Trust, Inc. closes $ 1.25 billion commercial real estate CLO
NEW YORK–(BUSINESS WIRE) – TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) today announced the closing of TRTX 2021-FL4, a 1 managed commercial real estate secured loan bond. , $ 25 billion (“CRE CLO”)). The Company has placed $ 1.04 billion in investment grade bonds with institutional investors, providing TRTX with non-mark-to-market, non-recourse term funding. TRTX 2021-FL4 features a two-year reinvestment period, an 83% advance rate, a $ 308.9 million “ramp” function to fund future loans, and a weighted average interest rate. issuance of LIBOR plus 1.60%, before transaction fees. The company received net cash proceeds from TRTX 2021-FL4 of approximately $ 104.8 million for investment and other corporate purposes.
Since January 2018, TRTX has issued four CRE CLOs totaling $ 4.4 billion in support of the company’s long-standing strategy of increasing its percentage of non-recourse, non-mark-to-market liabilities. Following the closing of TRTX 2021-FL4, approximately 84% of the Company’s funded debt is unreacted.
During the first quarter of 2021, the company closed or executed condition sheets for six loans with an aggregate commitment amount of $ 335.3 million, almost all of which is slated for early contribution to TRTX. 2021-FL4. These loans have a weighted average coupon of 3.61% and an estimated weighted average loan-to-value ratio of 76%.
Wells Fargo Securities, LLC acted as sole structuring agent, co-lead manager and associate bookrunner for TRTX 2021-FL4. Barclays Capital Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, JP Morgan Securities LLC and Morgan Stanley & Co. LLC have acted as co-lead managers and associate bookkeepers.
This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of such securities in any state or jurisdiction where such an offer, solicitation or sale would be illegal prior to ‘registration or qualification under the securities laws of those states or jurisdictions.
TPG RE Finance Trust, Inc. is a commercial real estate finance company primarily focused on the granting, acquisition and management of senior mortgages and other commercial real estate-related debt securities secured in largely through institutional grade properties located in selected primary and secondary markets. in the USA. The company is managed externally by TPG RE Finance Trust Management, LP, which is part of TPG Real Estate, which is TPG’s real estate investment platform. For more information on TRTX, visit www.tpgrefinance.com.