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.”
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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