RAIT Asset Holdings IV LLC is selling its retained interests in two securitizations to Melody RE II LLC.
The RAIT Financial Trust subsidiary is selling its 60% interest in RAIT 2015-FL5 Trust for $32.5 million and 60% interest in RAIT 2016-FL6 Trust for $22.2 million. The remaining 40% stake in the two securitizations are held by affiliates of Melody RE II.
Melody Re II placed a $500,000 deposit into escrow. The deposit and its interest will be credited against the purchase price paid at closing, which is slated on or before June 27.
RAIT Asset Holdings IV agreed to provide short-term financing to Melody RE II or an affiliate to fund a portion of the purchase price.
RAIT Financial Trust will continue to service and special service the loans in the two securitizations after deal closing.