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New York & Tri-State  + Midtown New York  + Finance  | 

TPG RE Finance Trust Closes $1.1B CLO 

TPG RE Finance Trust, Inc. (TRXT) has closed TRTX 2022-FL5, a $1.075-billion managed commercial real estate collateralized loan obligation. The New York City-based company placed $907million of investment grade bonds with institutional investors, providing TRTX with term financing on a non-mark-to-market, non-recourse basis.  

TRTX 2022-FL5 includes a two-year reinvestment period, an advance rate of 84.4%, and a weighted average interest rate at issuance of compounded SOFR plus 2.02%, before transaction costs. 

Wells Fargo Securities acted as sole structuring agent, co-lead manager and joint bookrunner for TRTX 2022-FL5. Morgan Stanley, Goldman Sachs and J.P. Morgan Securities acted as co-lead managers and joint bookrunners, and Barclays Capital Inc. and BofA Securities, Inc. acted as co-managers. 

Since January 2018, TRTX has issued five CRE CLOs totaling $5.5 billion in support of its longstanding strategy of using primarily non-recourse, non-mark-to-market liabilities to fund its investment portfolio of transitional first mortgage loans. 


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TPG RE Finance

About Paul Bubny

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 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).

  • ◦Financing