NEW YORK–(BUSINESS WIRE)–Franklin BSP Realty Trust, Inc. (NYSE: FBRT) 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.
