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Redwood Trust closes commercial real estate securitisation


Redwood Trust has closed a USD291m securitisation of mezzanine loans and other subordinate commercial real estate debt investments sponsored by subsidiary Redwood Commercial Mortgage Corporation (RCMC).

An aggregate of approximately USD172m of debt was issued with Redwood retaining the equity interest in the portfolio. 

The notes have a fixed interest rate of approximately 5.62 per cent and are rated Baa3(sf)/BBB-(sf) by Moody's Investors Service and Kroll Bond Rating Agency, respectively.

The offering of the notes was effected pursuant to a private placement. The notes are secured by a portfolio of 30 collateral interests tied to 76 underlying properties consisting of a mix of multifamily, office, hospitality, retail, self-storage, and mixed-use properties.

UBS Securities acted as the lead manager and sole bookrunner for this transaction. Wells Fargo Securities acted as co-manager for this transaction.

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