Real estate investment trust Redwood Trust (RWT)announced the closing of a $291 million securitization of mezzanine loans and commercial real estate debt investments, sponsored by Redwood Commercial Mortgage Corporation.
The lead manager and sole bookrunner for the transaction was UBS Securities (UBS) while co-manager was Wells Fargo Securities (WFC).
An aggregate of $172 million of debt was issued with Redwood Trust, retaining the equity interested in the portfolio. The fixed interest rate of the notes was 5.62%.
The notes are rated triple B and triple-B minus by Moody’s Investors Service and Kroll Bond Rating Agency, respectively.
The offering of the note was effected in accordance with a private placement. The notes were secured by a portfolio of 30 collateral interests tied to 76 underlying properties including office, hospitality, retail, self-storage, mixed-used properties and multifamily.
Redwood Trust is a publicly traded real estate investment trust. RCMC is a wholly owned subsidiary of Redwood Trust and provides the industry with financing options including mezzanine loans, preferred equity and first mortgages.
