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Granite Point Mortgage Trust closes $826M commercial real estate CLO

Granite Point Mortgage Trust Inc. has closed an $826 million commercial real estate collateralized loan obligation.

GPMT 2018-FL1 has an initial advance rate of about 80% and a weighted average interest rate at issuance of London Interbank Offered Rate plus 1.27%.

Proceeds from the CLO issuance were used to repay a portion of the outstanding balances on its financing facilities. They will also be used to fund new loan investments. The CLO financed 25 of the company's existing first mortgage loan investments.

Wells Fargo Securities served as sole structuring agent, co-lead manager and joint book runner. Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC served as co-lead managers and joint book runners.