Benefit Street Partners Announces Closing of $265 Million Multifamily Portfolio Loan

Strategic Insights -

Benefit Street Partners L.L.C. (BSP) has announced the closing of a $265 million loan on a multifamily portfolio of 1,262 units across three properties in Saint John's County, Florida. The loan, provided in partnership with Electra Capital Advisors, features a floating-rate, cross-collateralized senior loan structure. The loan's sponsor, Gatlin Development, has worked with BSP on previous projects, demonstrating the company's capacity to repeat business with trusted partners.

Key Takeaways:

  • The loan totals $265 million and features a floating-rate, cross-collateralized senior loan structure.
  • The loan is secured by a multifamily portfolio of 1,262 units across three properties in Saint John's County, Florida.
  • Electra Capital Advisors provided co-terminus mezzanine loans aggregating $60 million.
  • Gatlin Development is a repeat borrower of BSP, highlighting the company's ability to build long-term relationships with clients.
  • BSP allocated the loan across its commercial real estate platform, including $136.4 million to Franklin BSP Realty Trust, Inc. (NYSE: FBRT).
  • BSP's Head of Commercial Real Estate, Michael Comparato, comments on the transaction, highlighting the high-quality assets and strong lease-up performance.
  • The deal demonstrates BSP's capacity to provide high-quality commercial real estate loans to repeat clients.
  • BSP has $76 billion of assets under management as of June 30, 2024, with over 400 employees operating across North America, Europe, and Asia Pacific.

Statistics:

  • $265 million: Total loan size
  • $60 million: Aggregate value of Electra Capital Advisors' co-terminus mezzanine loans
  • $136.4 million: Amount allocated to Franklin BSP Realty Trust, Inc. (NYSE: FBRT)
  • $76 billion: Assets under management for BSP-Alcentra as of June 30, 2024
  • 400: Number of employees operating across North America, Europe, and Asia Pacific for BSP-Alcentra
  • 1,262: Number of units across the multifamily portfolio

Sources:

  • Businesswire.com: "Benefit Street Partners Closes $265 Million Multifamily Loan" (September 10, 2024)
  • https://www.businesswire.com/news/home/20240910604904/en/
  • http://www.benefitstreetpartners.com
  • http://www.fbrtreit.com