RAIT Financial Trust (fka RASFQ)

[naturalborninvestor]

RAIT Financial Trust Closes its Eighth Non-Recourse, Floating-Rate CMBS Transaction Totaling $259.8 Million

RAIT Financial Trust (NYSE: RAS) ("RAIT") announced today the closing, on November 29, 2017, of its eighth non-recourse, floating-rate CMBS transaction, the underlying assets of which consist of twenty-one floating-rate commercial real estate first lien mortgage loans and two pari passu participation interests in floating-rate mortgage loans, all of which were originated by subsidiaries of RAIT. The transaction involved the sale by a RAIT subsidiary of non-recourse, investment grade notes totaling approximately $215.6 million with a weighted average cost of LIBOR plus 1.29%, which provides an advance rate to the RAIT subsidiary of approximately 83.0%. RAIT affiliates retained all of the below investment grade and un-rated subordinated interests totaling approximately $44.2 million. Barclays Capital Inc. acted as sole structuring agent. Barclays Capital Inc., Citigroup Global Markets, Inc. and UBS Securities LLC acted as co-lead managers and joint bookrunners.

Scott Davidson, RAIT’s Chief Executive Officer said, “We are pleased to announce the closing of our eighth RAIT sponsored stand-alone floating-rate CMBS transaction. The transaction delivers strong risk-adjusted returns and further highlights the strength of RAIT’s commercial real estate lending business.”

https://ih.advfn.com/p.php?pid=nmona&article=76194197