New Issue: Granite Point Mortgage Trust prices $825 million commercial real estate CLO

Chicago, Feb. 14 – Granite Point Mortgage Trust Inc. priced an $825 million commercial real estate collateralized loan obligation transaction, GPMT 2019-FL2, according to a news release.

The Company placed approximately $653.8 million of investment-grade securities with institutional investors, providing the Company with match-term financing on a non-mark-to-market and non-recourse basis.

The CLO has an initial advance rate of 79.25% and a weighted average interest rate of Libor plus 164 basis points.

The CRE CLO has a two-year reinvestment period.

The transaction is expected to close on Feb. 28.

With the company’s first CRE CLO issued in May 2018 for $826 million the two CRE CLOs will provide the company with matched-term financing on approximately half of its loan investment portfolio.

Additional pricing terms were not immediately available.

Granite Point Mortgage Trust is a New York City-based firm that originates, invests in and manages senior floating-rate commercial mortgage loans and other debt. The company is externally managed by Pine River Capital Management LP.

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