Ready Capital prices $927.2M CLO transaction

Ready Capital Corp. priced a $927.2 million commercial mortgage collateralized loan obligation transaction with the limited right to acquire all or part of $135.2 million in future funding participation interests.

Ready Capital Mortgage Financing 2021-FL7 LLC comprises 76 Ready Capital-originated floating-rate loans secured by 89 properties across the U.S. The portfolio includes mortgage loans primarily secured by multifamily and industrial properties across 22 states.

Upon closing, the transaction will represent Ready Capital's seventh and largest commercial real estate CLO since its inception, with the company's total CRE CLO issuance backed by a combined $3.39 billion of collateral unpaid principal balance. About 45 unique investor accounts participated in the transaction, according to a news release.

J.P. Morgan Securities LLC was sole structuring agent for the pending CRE CLO, with Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. as co-lead managers and Amherst Pierpont Securities LLC and Piper Sandler & Co. as co-managers.