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New York & Tri-State   /   April 1, 2021

Paul Bubny
By: Paul Bubny

New York REITs Close Finance Deals Totaling $3B

In separate announcements, three New York City-based REITs on Wednesday disclosed finance transactions totaling more than $3 billion. TPG RE Finance Trust (TRTX) closed a $1.25-billion commercial real estate CLO, Safehold finalized a $1-billion unsecured revolving credit facility and Empire State Realty Trust lined up an $850-million unsecured revolving credit facility.

TRTX 2021-FL4 includes a two-year reinvestment period, an advance rate of 83%, a $308.9-million “ramp” feature to finance future loan originations, and a weighted average interest rate at issuance of LIBOR plus 1.60%, before transaction costs.

Jay Sugarman, Safehold’s chairman and CEO, said, “With its increased size and reduced cost, the new credit facility provides enhanced financial flexibility and supports Safehold’s ability to continue to scale.”

At ESRT, CFO Christina Chiu said, “The strong execution reinforces the lenders’ views of ESRT as an experienced, well-capitalized owner and operator of quality assets and ESRT’s ability to access the capital markets.”

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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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