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New York & Tri-State  + New York  + Finance  |  August 31, 2023
Atlanta, GA-based commercial real estate direct lender Stonehill completed $1.2 billion in investments for 2022.
Emily Fu
By: Emily Fu

Necessity Retail REIT Closes $260M CMBS Financing 

The Necessity Retail REIT has successfully finalized a $260 million commercial mortgage-backed security loan backed by 29 multi-tenant properties it owns across the United States.  

The loan has a 10-year term with an interest-only feature at 6.45%. Notably, RTL secured this rate by utilizing a SOFR swap lock of 3.54% a month before finalizing the loan.  

The loan proceeds will be used to pay down RTL’s credit facility as part of its planned merger with Global Net Lease, Inc. This move is aimed at increasing RTL’s balance sheet flexibility, improving its debt maturity profile, and reducing its overall cost of capital ahead of the merger. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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