Franklin BSP Realty Trust, Inc. Announces Closing of $125 Million Loan on a 414-Unit Multifamily Property
Franklin BSP Realty Trust, Inc. (NYSE:FBRT) ("FBRT" or the "Company") today announced the closing of a $125 million floating-rate senior loan facilitating the refinancing of a 2023 vintage, 414-unit multifamily property with 18,000 square feet of ground floor retail centrally located in downtown Stamford, CT. Inclusive of this loan, FBRT has committed to $408 million of loan originations to date in the second quarter and $999 million year-to-date.
FBRT's loan has a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements. The loan's sponsor, Quarterra Multifamily, is a real estate investment company with a geographically diversified portfolio of institutional quality multifamily rental properties and is a wholly owned subsidiary of Lennar Corporation (NYSE:LEN).
Michael Comparato, President of FBRT, commented: "We are excited to close this financing with Quarterra on this exceptional property in downtown Stamford. With delivery beginning in 2023, lease up at the property has been very strong. Quarterra is a highly respected multifamily developer, and we hope this is the first of many opportunities for us to work together."
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 throughout the United States. As of March 31, 2024, FBRT had approximately $6.0 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C. 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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