BrightSpire Prices $675 Mln BRSP 2024-FL2 Commercial Real Estate CLO

(RTTNews) - BrightSpire Capital, Inc. (BRSP) announced on Friday that it has priced BRSP 2024-FL2, a $675 million managed commercial real estate collateralized loan obligation or CLO on August 1.

The transaction is scheduled to be closed on August 15.

The 2024-FL2 CLO is collateralized by interests in 22 first-lien floating-rate mortgages secured by 25 properties, with an 86.50 percent initial advance rate at a weighted average coupon at issuance of term SOFR+2.47 percent, before transaction costs.

All loans were originated by subsidiaries of the company.

The structure features a two-year reinvestment period and available proceeds of around $85 million to be used within a six-month ramp up period from closing.

BrightSpire also announced that it will redeem its CLNC 2019-FL1 securitization on August 19.