RAIT offers $348.9 million notes due 2031 in RAIT 2015-FL5 CRE CLO

By Cristal Cody

Tupelo, Miss., Dec. 10 – RAIT Partnership LP is marketing a $348.9 million commercial real estate collateralized loan obligation transaction, according to an informed source.

The RAIT 2015-FL5, LLC deal includes $194.6 million of class A notes (Aaa); $54.9 million of class B notes; $15.3 million of class C notes; $23.1 million of class D notes; $12.2 million of class E notes; $13 million of class F notes and $35.8 million of class G notes. The class E, F and G notes will not be publicly offered.

The notes are due Jan. 17, 2031.

Barclays is the placement agent.

RAIT Partnership will act as servicer for the transaction. Trimont Real Estate Advisors, LLC will act as operating adviser.

The CRE CLO is non-callable until Dec. 25, 2017. The transaction does not have a reinvestment period.

The deal is backed by a portfolio of first-lien secured commercial real estate mortgages, including 31 whole loans and senior participations, originated by RAIT Partnership.

RAIT Partnership is a subsidiary of Philadelphia-based commercial real estate investment trust RAIT Financial Trust.

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