New York & Tri-State

/   October 28, 2019

By: Paul Bubny

TPG Finance REIT Closes on $1.2B CLO

TPG RE Finance Trust (TRTX) closed on TRTX 2019-FL3, a $1.23-billion managed Commercial Real Estate Collateralized Loan Obligation (CRE CLO) with a 24-month reinvestment period. The New York-based mortgage REIT placed $1.04 billion of investment-grade bonds with third-party institutional investors.

The CRE CLO financed 22 existing TRTX first mortgage loan investments, comprising 20 pari passu participation interests and two whole loans. Proceeds will retire borrowings under certain of the company’s secured credit facilities, and fund new investments.

“Our third CRE CLO issued since January 2018 demonstrates our commitment to strengthening earnings with accretive financing and mitigating risk by garnering low-cost, non-recourse, non-mark-to-market term funding for our diversified first mortgage loan portfolio,” said CEO Greta Guggenheim.

JP Morgan Securities acted as sole structuring agent, co-lead manager and joint bookrunner. Goldman Sachs, Morgan Stanley and Wells Fargo Securities acted as co-lead managers and joint bookrunners. US Bancorp Investments acted as co-lead manager.

Pictured: TPG RE Finance Trust headquarters at 888 Seventh Ave. in Midtown Manhattan.

Connect

Connect With TPG RE Finance Trust

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.

Email the Author

Order Reprints

Reach over 250,000 Commercial Real Estate Professionals with Connect

Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.

TAX IDSArray
(
[0] => 2
[1] => 30
[2] => 564
)
story-section
Clean IDSArray
(
)