Benefit Street Partners L.L.C. Announces Closing of Three Senior Loans Aggregating $265 Million on a Multifamily Portfolio
September 10 2024 - 4:15PM
Business Wire
Benefit Street Partners L.L.C. (“BSP” or the “Company”) today
announced the closing of three floating-rate, cross-collateralized
senior loans aggregating $265 million on a multifamily portfolio.
The portfolio comprises 1,262 units of class A multifamily product
across three properties located in Saint John’s County, Florida.
Electra Capital Advisors, LLC provided three co-terminus mezzanine
loans aggregating $60 million. The loan’s sponsor, Gatlin
Development, is a repeat borrower of BSP. BSP was the original
construction lender for all three assets, which were completed in
2023 and 2024.
BSP allocated the loan across its commercial real estate
platform, including $136.4 million to Franklin BSP Realty Trust,
Inc. (NYSE: FBRT).
Michael Comparato, Head of Commercial Real Estate for BSP,
commented: “This transaction is another example of the high-quality
multifamily loans we're adding across our real estate platform. The
properties are some of the highest quality assets delivered in the
Jacksonville MSA and lease up continues to be strong. We are
pleased to continue our relationship with Gatlin Development and
look forward to future opportunities.”
About Benefit Street Partners
BSP-Alcentra is a leading global alternative credit asset
manager offering clients investment solutions across a broad range
of complementary credit strategies, including direct lending,
special situations, structured credit, high yield bonds, leveraged
loans and commercial real estate debt. As of June 30, 2024,
BSP-Alcentra has $76 billion of assets under management, with over
400 employees operating across North America, Europe and Asia
Pacific. BSP is a wholly owned subsidiary of Franklin Templeton.
For further information, please visit
www.benefitstreetpartners.com.
About Franklin BSP Realty Trust, Inc.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate
investment trust that originates, acquires and manages a
diversified portfolio of commercial real estate debt secured by
properties located in the United States. As of June 30, 2024, FBRT
had approximately $6.3 billion of assets. FBRT is externally
managed by Benefit Street Partners L.L.C., a wholly owned
subsidiary of Franklin Resources, Inc. For further information,
please visit www.fbrtreit.com.
Forward-Looking Statements
This communication includes forward-looking statements. These
forward-looking statements generally can be identified by phrases
such as “will,” “should,” “expects,” “anticipates,” “foresees,”
“forecasts,” “estimates” or other words or phrases of similar
import. Similarly, any statements herein that describe beliefs,
intentions or goals also are forward-looking statements. It is
uncertain whether any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do, what impact they will have on the results of operations
and financial condition of FBRT. These forward-looking statements
involve certain risks and uncertainties, many of which are beyond
our control, that could cause actual results to differ materially
from those indicated in such forward-looking statements. Further,
forward-looking statements speak only as of the date they are made,
and we undertake no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over
time, unless required by law.
Our forward-looking statements are subject to various risks and
uncertainties, including but not limited to the risks and important
factors contained and identified in FBRT’s filings with the
Securities and Exchange Commission (“SEC”), including its Annual
Report on Form 10-K for the fiscal year ended December 31, 2023 and
its subsequent filings with the SEC, any of which could cause
actual results to differ materially from the forward-looking
statements. The forward-looking statements included in this
communication are made only as of the date hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20240910604904/en/
Investor Relations Contact: Lindsey Crabbe
l.crabbe@benefitstreetpartners.com (214) 874-2339
Franklin BSP Realty (NYSE:FBRT)
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