{"id":688340,"date":"2022-09-23T06:03:03","date_gmt":"2022-09-23T10:03:03","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/franklin-bsp-realty-trust-inc-announces-closing-of-235-0-million-loan-on-the-elser-hotel-residences\/"},"modified":"2022-09-23T06:03:03","modified_gmt":"2022-09-23T10:03:03","slug":"franklin-bsp-realty-trust-inc-announces-closing-of-235-0-million-loan-on-the-elser-hotel-residences","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/franklin-bsp-realty-trust-inc-announces-closing-of-235-0-million-loan-on-the-elser-hotel-residences\/","title":{"rendered":"Franklin BSP Realty Trust, Inc. Announces Closing of $235.0 Million Loan on The Elser Hotel &amp; Residences"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Franklin BSP Realty Trust, Inc. Announces Closing of $235.0 Million Loan on The Elser Hotel &amp; Residences<\/b><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nFranklin BSP Realty Trust, Inc. (NYSE: FBRT) (\u201cFBRT\u201d or the \u201cCompany\u201d) today announced the closing of a $235 million loan facilitating the refinancing of The Elser Hotel &amp; Residences (\u201cThe Elser\u201d), a 646-unit condominium hotel located in Downtown Miami, Florida. RMWC, a private debt fund, provided a co-terminus mezzanine loan for $25 million at closing. The Class A asset was developed by Property Markets Group (\u201cPMG\u201d). PMG is a repeat client of RMWC and Benefit Street Partners L.L.C. (\u201cBSP\u201d), FBRT\u2019s external manager.\n<\/p>\n<p>\nMichael Comparato, Head of Commercial Real Estate for BSP, commented: \u201cWe have had an excellent relationship with both PMG and RMWC over the years and are excited to add this loan to our portfolio. Our financing of The Elser is an example of the strategic investing that FBRT is proactively seeking while the market for traditional, transitional rental properties goes through a re-pricing exercise. Our flexible balance sheet affords us the ability to take advantage of unique opportunities in the current market.\u201d\n<\/p>\n<p><b>About Franklin BSP Realty Trust, Inc.<\/b><\/p>\n<p>\nFranklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of June 30, 2022, FBRT had over $6.3 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.fbrtreit.com%2F&amp;esheet=52923537&amp;newsitemid=20220923005059&amp;lan=en-US&amp;anchor=www.fbrtreit.com&amp;index=1&amp;md5=85cebc5481bf8f9632ae8fd7ba6e5956\">www.fbrtreit.com<\/a>.\n<\/p>\n<p><b>About RMWC<\/b><\/p>\n<p>\nRMWC is a New York-based private real estate lender that provides mortgages, mezzanine debt, and preferred equity capital to experienced commercial real estate owners and developers to meet their capital needs nationwide. RMWC is an SEC Registered Investment Adviser. As of June 30, 2022, RMWC had over $520MM of discretionary capital. For more information, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.RMWC.com&amp;esheet=52923537&amp;newsitemid=20220923005059&amp;lan=en-US&amp;anchor=www.RMWC.com&amp;index=2&amp;md5=fea7d93a86371884d716a44e0a0a8d7d\">www.RMWC.com<\/a>.\n<\/p>\n<p><b>About Property Markets Group<\/b><\/p>\n<p>\nFounded in 1991, Property Markets Group (PMG) is a national investment, development, and asset management firm focused on large scale multifamily and condominium projects. PMG\u2019s current projects total more than 8,500 residential units and over 16 million square feet of development. For more information, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.propertymg.com&amp;esheet=52923537&amp;newsitemid=20220923005059&amp;lan=en-US&amp;anchor=www.propertymg.com&amp;index=3&amp;md5=c8feba46624e8e7a94d15f8ae16ae252\">www.propertymg.com<\/a>.\n<\/p>\n<p><b>Forward-Looking Statements<\/b><\/p>\n<p>\nThis communication includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as \u201cwill,\u201d \u201cshould,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cforesees,\u201d \u201cforecasts,\u201d \u201cestimates\u201d or other words or phrases of similar import. Similarly, statements herein that describe management\u2019s beliefs, intentions or goals also are forward-looking statements. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of the Company or the price of FBRT stock. These forward-looking statements involve certain risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those indicated in such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.\n<\/p>\n<p>\nOur forward-looking statements are subject to various risks and uncertainties, including but not limited to the risks and important factors contained and identified in FBRT\u2019s filings with the Securities and Exchange Commission (\u201cSEC\u201d), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and its subsequent filings with the SEC, any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this communication are made only as of the date hereof.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20220923005059r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20220923005059\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20220923005059\/en\/<\/a><\/span><\/p>\n<p>\nInvestor Relations Contact:<br \/>\n<br \/>Lindsey Crabbe<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:l.crabbe@benefitstreetpartners.com\">l.crabbe@benefitstreetpartners.com<br \/>\n<\/a><br \/>(214) 874-2339\n<\/p>\n<p><b>KEYWORDS:<\/b> Florida New York United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> REIT Finance Professional Services Commercial Building &amp; Real Estate Construction &amp; Property<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Franklin BSP Realty Trust, Inc. Announces Closing of $235.0 Million Loan on The Elser Hotel &amp; Residences NEW YORK&#8211;(BUSINESS WIRE)&#8211; Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (\u201cFBRT\u201d or the \u201cCompany\u201d) today announced the closing of a $235 million loan facilitating the refinancing of The Elser Hotel &amp; Residences (\u201cThe Elser\u201d), a 646-unit condominium hotel located in Downtown Miami, Florida. RMWC, a private debt fund, provided a co-terminus mezzanine loan for $25 million at closing. The Class A asset was developed by Property Markets Group (\u201cPMG\u201d). PMG is a repeat client of RMWC and Benefit Street Partners L.L.C. (\u201cBSP\u201d), FBRT\u2019s external manager. Michael Comparato, Head of Commercial Real Estate for BSP, commented: \u201cWe have had an excellent relationship with both &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/franklin-bsp-realty-trust-inc-announces-closing-of-235-0-million-loan-on-the-elser-hotel-residences\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Franklin BSP Realty Trust, Inc. Announces Closing of $235.0 Million Loan on The Elser Hotel &amp; Residences&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-688340","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Franklin BSP Realty Trust, Inc. Announces Closing of $235.0 Million Loan on The Elser Hotel &amp; Residences - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/franklin-bsp-realty-trust-inc-announces-closing-of-235-0-million-loan-on-the-elser-hotel-residences\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Franklin BSP Realty Trust, Inc. Announces Closing of $235.0 Million Loan on The Elser Hotel &amp; Residences - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Franklin BSP Realty Trust, Inc. Announces Closing of $235.0 Million Loan on The Elser Hotel &amp; Residences NEW YORK&#8211;(BUSINESS WIRE)&#8211; Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (\u201cFBRT\u201d or the \u201cCompany\u201d) today announced the closing of a $235 million loan facilitating the refinancing of The Elser Hotel &amp; Residences (\u201cThe Elser\u201d), a 646-unit condominium hotel located in Downtown Miami, Florida. RMWC, a private debt fund, provided a co-terminus mezzanine loan for $25 million at closing. The Class A asset was developed by Property Markets Group (\u201cPMG\u201d). PMG is a repeat client of RMWC and Benefit Street Partners L.L.C. (\u201cBSP\u201d), FBRT\u2019s external manager. Michael Comparato, Head of Commercial Real Estate for BSP, commented: \u201cWe have had an excellent relationship with both &hellip; Continue reading &quot;Franklin BSP Realty Trust, Inc. 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(NYSE: FBRT) (\u201cFBRT\u201d or the \u201cCompany\u201d) today announced the closing of a $235 million loan facilitating the refinancing of The Elser Hotel &amp; Residences (\u201cThe Elser\u201d), a 646-unit condominium hotel located in Downtown Miami, Florida. RMWC, a private debt fund, provided a co-terminus mezzanine loan for $25 million at closing. The Class A asset was developed by Property Markets Group (\u201cPMG\u201d). PMG is a repeat client of RMWC and Benefit Street Partners L.L.C. (\u201cBSP\u201d), FBRT\u2019s external manager. Michael Comparato, Head of Commercial Real Estate for BSP, commented: \u201cWe have had an excellent relationship with both &hellip; Continue reading \"Franklin BSP Realty Trust, Inc. 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