Granite Point Mortgage Trust Inc. Announces Closing of $824 Million Commercial Real Estate CLO
Granite Point Mortgage Trust Inc. (NYSE: GPMT) (“GPMT,” “Granite Point” or the “Company”) today announced the closing of GPMT 2021-FL3, an $824 million Commercial Real Estate Collateralized Loan Obligation (“CRE CLO”), in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). $686 million of investment grade securities have been placed with institutional investors, providing GPMT with term-matched financing on a non-mark-to-market and non-recourse basis. GPMT 2021-FL3 features an initial advance rate of 83.25%, and a weighted-average interest rate at issuance of LIBOR + 1.62%, before accounting for transaction costs.
“We are very pleased with the closing of our third CRE CLO transaction providing us with attractively priced borrowings while further diversifying our funding sources,” stated Jack Taylor, Granite Point’s President, Chief Executive Officer and Director. “This transaction validates Granite Point’s status as a well-established repeat issuer in the CRE CLO market while optimizing the financing of our loan portfolio and releasing additional liquidity to support growth in new loan originations. This CLO transaction lowers our cost of funds and, combined with our recent term financing facility, increases our percentage of non-mark-to-market loan-level financing to approximately 70%.”
J.P. Morgan Securities LLC acted as sole structuring agent, co-lead manager and joint bookrunner. Citigroup Global Capital Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC acted as co-lead managers and joint bookrunners.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, these or any other securities, nor shall there be any sale of the Company’s securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Granite Point Mortgage Trust Inc.
Granite Point Mortgage Trust Inc. is a Maryland corporation focused on directly originating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point is headquartered in New York, NY. Additional information is available at www.gpmtreit.com.
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