Varde Partners closes $457.8 million commercial real estate CLO

By Wendy Van Sickle

Columbus, Ohio, Nov. 7 – Varde Partners closed a commercial real estate collateralized loan obligation, its second of this year, according to a press release.

The asset pool consists of 25 floating-rate mortgages secured by 27 properties and has a total unpaid principal balance of $457.8 million.

Varde offered $362.3 million of bonds rated AAA through BBB-.

The assets include office, multifamily, retail, hospitality, self-storage, mixed use and industrial properties in 13 states with an average principal balance of about $18.3 million, according to the release.

The Minneapolis-based investment firm 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 United States.

It closed its first commercial real estate collateralized loan obligation in February 2018 with a total principal balance of $368.1 million backed by 25 mortgages and 28 assets.

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