NEW YORK–(BUSINESS WIRE)–Franklin BSP Realty Trust, Inc. today announced the closing of a $235 million loan facilitating the refinancing of The Elser Hotel & Residences, a 646-unit condominium hotel located in Downtown Miami, Florida. RMWC, a private debt fund, provided a co-terminus mezzanine loan for $25 million at closing. The Class A asset was developed by Property Markets Group (“PMG”). PMG is a repeat client of RMWC and Benefit Street Partners L.L.C. (“BSP”), FBRT’s external manager.
Michael Comparato, Head of Commercial Real Estate for BSP, commented: “We have had an excellent relationship with both PMG and RMWC over the years and are excited to add this loan to our portfolio. Our financing of The Elser is an example of the strategic investing that FBRT is proactively seeking while the market for traditional, transitional rental properties goes through a re-pricing exercise. Our flexible balance sheet affords us the ability to take advantage of unique opportunities in the current market.”
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 in the United States. As of June 30, 2022, FBRT had over $6.3 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit www.fbrtreit.com.
RMWC is a New York-based private real estate lender that provides mortgages, mezzanine debt, and preferred equity capital to experienced commercial real estate owners and developers to meet their capital needs nationwide. RMWC is an SEC Registered Investment Adviser. As of June 30, 2022, RMWC had over $520MM of discretionary capital. For more information, please visit www.RMWC.com.
About Property Markets Group
Founded in 1991, Property Markets Group (PMG) is a national investment, development, and asset management firm focused on large scale multifamily and condominium projects. PMG’s current projects total more than 8,500 residential units and over 16 million square feet of development. For more information, please visit www.propertymg.com.