BrightSpire Capital priced a $960 million real estate loan securitization on Sept. 18, with $844.8 million in investment-grade securities expected to be placed. Closing is scheduled for Oct. 16, and the company plans to redeem its 2024-FL2 deal Oct. 19.
The CLO pools interests in 29 first-lien floating-rate mortgages secured by 38 properties. Multifamily accounts for 94.2% of the collateral, with industrial properties making up the rest. The securities’ weighted-average coupon is Term SOFR, a term benchmark based on the Secured Overnight Financing Rate, plus 1.54%, before transaction costs; the initial advance rate is 88%.
The new spread is 15 basis points below BrightSpire’s earlier 2026 CLO, which was priced at Term SOFR plus 1.69%. At an unchanged benchmark and debt balance, the article estimates about $1.27 million less in annual coupon expense before costs—not total refinancing savings. The structure has a 30-month reinvestment period and about $99 million available during a six-month ramp-up; the $960 million transaction size does not equal cash available for new lending.
