NEW YORK--(BUSINESS WIRE)--Benefit Street Partners Realty Trust, Inc. (“BSPRT”) provided an $115,500,000 loan to the owner of a 400+ unit multifamily apartment building with commercial space and a garage, located in the Rego Park neighborhood of Queens, NY. The three year, interest-only, floating-rate loan comprises a senior mortgage and mezzanine components and bears an interest rate floating over LIBOR. BSPRT closed the loan in approximately three (3) weeks, application to closing, during the holiday season.
Commenting on the loan, Michael Comparato, Head of Commercial Real Estate for BSPRT, said: “BSPRT was able to move incredibly quickly to close a very complicated transaction, utilizing our middle market, industry leading flexible balance sheet. We provided the senior mortgage, senior mezzanine and junior mezzanine all under one roof, which provided the Borrower excellent execution.”
The loan was used to pay off existing debt and fund certain carrying costs and will allow the borrower to execute its business plan at the property by funding property upgrades including high end renovations in the units, creation of a new amenity space, and lobby and fitness center renovations.
Matthew Jacobs, Chief Credit Officer for BSPRT, said: “BSPRT was pleased to work with the owner to close a highly structured, unique loan on a trophy asset in the New York metropolitan market, and we look forward to the asset having future success.”
BSPRT is a publicly-registered, non-traded 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. BSPRT is externally managed by Benefit Street Partners ("BSP"), a leading credit-focused alternative asset management firm with approximately $26 billion of assets under management.
On October 25, 2018, Benefit Street Partners L.L.C. entered into an agreement to be acquired by Franklin Resources, Inc., a global investment organization operating as Franklin Templeton Investments (“Franklin Templeton”). Following the close of the transaction, which is expected in the first quarter of 2019, Franklin Templeton will own 100% of BSP. The transaction is subject to customary closing conditions.