TPG Finance REIT Closes on $1.2B CLO

Commercial Real Estate News in 150 Words or Less

New York & Tri-State

/   October 28, 2019

By: Paul Bubny

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National, New York & Tri-State

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New York

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.


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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.

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