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Arbor Realty Trust Closes $1.5B CLO
Arbor Realty Trust, based in Uniondale, NY, said Wednesday it had closed a $1.5-billion collateralized loan obligation securitization. The collateral includes approximately $313 million of capacity to acquire additional loans for a period of up to 180 days.
Approximately $1.24 billion of investment grade-rated notes were issued and Arbor retained $263 million of subordinate interests in the issuing vehicle. The offering of the notes was made through a private placement.
Arbor intends to own the portfolio of real estate related assets through the vehicle until its maturity. The mortgage REIT will use the proceeds of this securitization to repay borrowings under its current credit facilities, pay transaction expenses and to fund future loans and investments.
Certain of the notes were rated by Moody’s Investors Service, and all were rated by DBRS, Inc.
- ◦Financing
