Resource Capital Corp. Closes New $44 Million Loan
NEW YORK, NY -- (Marketwired) -- 04/29/13 -- Resource Capital Corp.
(NYSE: RSO) (the "Company") announces that it has closed a $44
million bridge loan secured by a 186,000 square foot grocery anchored
retail center in Los Angeles, CA. Major tenants include a Ralph's
supermarket, Orchard Supply, CVS and Bank of America. The Company has
an agreement to sell an A-Note to a strategic partner and will retain
a substantial mezzanine loan. The loan proceeds will fund the
acquisition of the fee interest by the borrower that has held a
leasehold for many years, as well upgrades to the property.
Dave Bloom, Senior Vice-President and head of the Company's Real
Estate Debt business, commented, "This loan demonstrates RSO's
ability to utilize its strong balance sheet and deep capital markets
experience to continue to provide customized financing solutions for
our clients in the larger loan space. The ability to underwrite and
originate larger loans and sell off A-Notes provides RSO with access
to the high-yield mezzanine loan space on a self-originated basis,
and allows us to structure and price transactions and continue to
control our borrower relationships. We look forward to the expansion
of this aspect of our lending business."
About Resource Capital Corp.
RSO is a diversified real estate
finance company that is organized and conducts its operations to
qualify as a REIT for federal income tax purposes. RSO's investment
strategy focuses on commercial real estate (CRE) assets, and, to a
lesser extent, commercial finance assets and other investments. RSO
invests in the following asset classes: CRE-related assets such as
commercial real estate property, whole loans, A-notes, B-notes,
mezzanine loans, CMBS and investments in real estate joint ventures
as well as commercial finance assets such as bank loans, lease
receivables, other asset-backed securities, corporate bonds, trust
preferred securities, debt tranches of CDOs, structured note
investments, and private equity investments principally issued by
RSO is externally managed by Resource Capital Manager, Inc., an
indirect wholly-owned subsidiary of Resource America, Inc. (NASDAQ:
REXI), a specialized asset management company that uses industry
cific expertise to generate and administer investment
opportunities for its own account and for outside investors in the
real estate, financial fund management and commercial finance
For more information, please visit the Resource Capital Corp. website
at www.resourcecapitalcorp.com or contact investor relations at
This press release includes statements that may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to a variety of known and unknown risks,
uncertainties, and other factors that are difficult to predict and
many of which are beyond management's control. Factors that can
affect future results are discussed in the documents filed by
Resource Capital Corp. from time to time with the Securities and
Exchange Commission. Resource Capital Corp. undertakes no obligation
to update or revise any forward-looking statement to reflect new or
changing information or events.
Resource Capital Corp.
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