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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Benefit Street Partners L.L.C. Announces Closing of Three Senior Loans Aggregating $265 Million on a Multifamily Portfolio

Benefit Street Partners L.L.C. (“BSP” or the “Company”) today announced the closing of three floating-rate, cross-collateralized senior loans aggregating $265 million on a multifamily portfolio. The portfolio comprises 1,262 units of class A multifamily product across three properties located in Saint John’s County, Florida. Electra Capital Advisors, LLC provided three co-terminus mezzanine loans aggregating $60 million. The loan’s sponsor, Gatlin Development, is a repeat borrower of BSP. BSP was the original construction lender for all three assets, which were completed in 2023 and 2024.

BSP allocated the loan across its commercial real estate platform, including $136.4 million to Franklin BSP Realty Trust, Inc. (NYSE: FBRT).

Michael Comparato, Head of Commercial Real Estate for BSP, commented: “This transaction is another example of the high-quality multifamily loans we're adding across our real estate platform. The properties are some of the highest quality assets delivered in the Jacksonville MSA and lease up continues to be strong. We are pleased to continue our relationship with Gatlin Development and look forward to future opportunities.”

About Benefit Street Partners

BSP-Alcentra is a leading global alternative credit asset manager offering clients investment solutions across a broad range of complementary credit strategies, including direct lending, special situations, structured credit, high yield bonds, leveraged loans and commercial real estate debt. As of June 30, 2024, BSP-Alcentra has $76 billion of assets under management, with over 400 employees operating across North America, Europe and Asia Pacific. BSP is a wholly owned subsidiary of Franklin Templeton. For further information, please visit www.benefitstreetpartners.com.

About Franklin BSP Realty Trust, Inc.

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of June 30, 2024, FBRT had approximately $6.3 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit www.fbrtreit.com.

Forward-Looking Statements

This communication includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as “will,” “should,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. Similarly, any statements herein that describe beliefs, intentions or goals also are forward-looking statements. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of FBRT. These forward-looking statements involve certain risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those indicated in such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

Our forward-looking statements are subject to various risks and uncertainties, including but not limited to the risks and important factors contained and identified in FBRT’s filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and its subsequent filings with the SEC, any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this communication are made only as of the date hereof.

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