Resource Capital Corp has closed a $45.9 million portfolio bridge loan package secured by three multifamily complexes in Dallas, TX and one in Houston, TX. The portfolio is comprised of 1,635 apartment units. The sponsor is venture backed by an international opportunity fund.
Resource Capital Corp. (NYSE: RSO) (the “Company”) announces that it has closed a $45.9 million portfolio bridge loan package secured by three multifamily complexes in Dallas, TX and one in Houston, TX. The portfolio is comprised of 1,635 apartment units in the aggregate. The sponsor is a venture backed by an international opportunity fund that is another of the Company’s many repeat borrowers.
Dave Bloom, Senior Vice-President and head of the Company’s Real Estate Debt business, commented, “RSO was able to customize a financing package that addressed the sponsor’s desire for maximum flexibility on an asset by asset basis providing the ability for alternative exits as the sponsor’s value add plans are realized on individual properties. This is another example of RSO’s ability to utilize our strong balance sheet to continue to serve our clients in the larger loan space. We are very pleased with this transaction and will continue to make larger loans that accommodate sponsor specific needs while still providing the certainty of execution, expeditious closing process and interactive asset management that are the hallmarks of RSO’s direct origination platform.”
About Resource Capital Corp.
RSO is a diversified real estate finance company that is organized and conducts its operations to qualify as a REIT for federal income tax purposes. RSO’s investment strategy focuses on commercial real estate (CRE) assets, and, to a lesser extent, commercial finance assets and other investments. RSO invests in the following asset classes: CRE-related assets such as commercial real estate property, whole loans, A-notes, B-notes, mezzanine loans, CMBS and investments in real estate joint ventures as well as commercial finance assets such as bank loans, lease receivables, other asset-backed securities, corporate bonds, trust preferred securities, debt tranches of CDOs, structured note investments, and private equity investments principally issued by financial institutions.
RSO is externally managed by Resource Capital Manager, Inc., an indirect wholly-owned subsidiary of Resource America, Inc. (NASDAQ: REXI), a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the real estate, financial fund management and commercial finance sectors.
This press release includes statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. Factors that can affect future results are discussed in the documents filed by Resource Capital Corp. from time to time with the Securities and Exchange Commission. Resource Capital Corp. undertakes no obligation to update or revise any forward-looking statement to reflect new or changing information or events.
Resource Capital Corp.