New Residential Investment completes acquisition of Genesis Capital

New Residential Investment Corp. has completed its acquisition of real estate industry lender Genesis Capital LLC and a related portfolio of loans from affiliates of Goldman Sachs Group Inc.

The company funded the acquisition with existing cash and committed asset-based financing from Goldman Sachs.

Genesis, which has originated over 12,000 loans since 2014, is expected to originate about $2 billion of loans in 2021, according to a news release.

Skadden Arps Slate Meagher & Flom LLP was legal adviser to New Residential. Goldman Sachs & Co. LLC acted as exclusive financial adviser and Davis Polk & Wardwell LLP acted as legal adviser to Genesis.