NEW YORK and MINNEAPOLIS – Värde Partners, a leading global investment firm specializing in credit and credit-related assets, today announced the close of VMC 2026-FL6, a $1 billion managed commercial real estate collateralized loan obligation (CRE CLO). This represents the firm’s largest CRE CLO to date and 13th CRE securitization overall.
The underlying loans were all originated by Värde through its CRE lending platform and reflect a diversified mix of U.S. property markets and asset types. The initial pool consists of 19 floating-rate mortgages secured by 40 commercial properties across 16 states, with multifamily and industrial properties accounting for over 66% of the initial portfolio.
“The successful close of our largest CRE CLO is a reflection of the depth and consistency of our origination platform and capital markets execution built over a decade actively lending in commercial mortgage markets,” said Jim Dunbar, Partner and Head of Real Estate Lending.
“The strong investor interest and pricing achieved on this transaction underscores the credit quality of the portfolio, and this issuance provides attractive financing as we continue deploying capital on behalf of our LPs,” added Melissa Band, Managing Director and Head of Capital Markets.
VMC 2026-FL6 has an implied advance rate of 88.625% (BBB- credit enhancement of 11.375%) and a weighted average spread at issuance of Term SOFR plus 1.91% before transaction costs. It is structured with a 30-month reinvestment period.
Wells Fargo Securities LLC was the sole structuring agent and served as lead-left joint bookrunner along with Goldman Sachs, Morgan Stanley and ATLAS SP Securities serving as joint bookrunners. Cadwalader, Wickersham & Taft LLP served as legal advisor.
Värde has over 30 years of experience investing in real estate credit and assets with deep expertise across all major asset classes. Värde has originated $8.5 billion in U.S. CRE loans since 2017 and has a clean securitization track record with nine CRE CLOs successfully paid off.
About Värde Partners
Värde Partners is a leading global investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested more than $110 billion across the credit quality and liquidity spectrum and currently manages $15 billion in assets. With local investment teams and partnerships in North America, Europe and Asia Pacific, Värde invests across private and public markets with a focus on asset-based finance, real estate, corporate credit and Asia credit. For more information, please visit www.varde.com.