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Värde Partners Closes $462 Million CRE CLO Financing Transaction
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MINNEAPOLIS – Värde Partners, a leading global alternative investment firm, today announced the closing of a commercial real estate collateralized loan obligation (CRE CLO). This is the firm’s second CRE CLO this year.
The asset pool consists of 25 floating-rate mortgages secured by 27 properties and has an aggregate unpaid principal balance of $457.8 million. Värde offered $362.3 million of bonds rated AAA through BBB-. The assets include office, multifamily, retail, hospitality, self-storage, mixed use and industrial properties across 13 states with an average principal balance of approximately $18.3 million.
“The execution of this deal is in line with the continued expansion of Värde’s Mortgage Business and creation of long term financing relationships,” said Brian Schmidt, Partner and Head of Värde’s Mortgage Business.
Värde has originated or acquired more than $2.5 billion in commercial real estate loans since 2014 with its origination activity primarily focused on floating-rate mortgage loans on light transitional, value-add and event-driven commercial and multifamily opportunities across the U.S. Värde closed its first CRE CLO in February 2018 with an aggregate principal balance of $368.1 million backed by 25 mortgages and 28 assets.
About Värde Partners
Värde Partners is a $14 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including mortgages, corporate credit, real estate, specialty finance, energy, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore.