Ladder Capital closes debut real estate CLO
Ladder Capital closed its first CLO backed by bridge loans on commercial real estate properties on Tuesday, the second time this year it has stepped into the capital markets with a deal from its own shelf.
The LCCM FL1 CRE CLO transaction sold $456.9m of notes, with the triple-A rated ‘A’ piece priced at 88bp over Libor.
Wells Fargo and JP Morgan acted as joint lead managers on the deal.
The deal is backed by 19 loans secured on a mix of office, multifamily,
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