Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) has successfully concluded a $125 million floating-rate senior loan to facilitate the refinancing of a four-property industrial portfolio situated across the Southwestern United States. This transaction marks another milestone for FBRT, as it has committed to $716 million of loan originations year-to-date, underscoring its robust forward pipeline.
The industrial portfolio, spanning 1.1 million square feet, boasts an impressive 94.9% occupancy rate and strategically positioned properties throughout Dallas, Las Vegas, and the Phoenix/Mesa/Scottsdale MSAs. FBRT’s loan features a two-year initial term, with two one-year extension options contingent upon meeting specified requirements. The borrower, Fundrise Industrial Portfolio 2, LLC, is a subsidiary of Fundrise, renowned for its real estate investment platform catering to retail investors and managing nearly $3.0 billion in assets. Cushman & Wakefield acted as the representative for the borrower in this transaction.
Michael Comparato, President of FBRT, expressed enthusiasm about welcoming Fundrise as a new client of the firm, citing Fundrise’s prominent role in industrial acquisitions over the past 18 months. He highlighted FBRT’s active origination efforts across all product lines in 2024, emphasizing the firm’s commitment to providing middle-market clients with innovative and adaptable financing solutions.
About Franklin BSP Realty Trust, Inc.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust specializing in originating, acquiring, and managing a diversified portfolio of commercial real estate debt secured by properties in the United States. As of December 31, 2023, FBRT boasted approximately $6.0 billion in assets. FBRT is externally managed by Benefit Street Partners L.L.C. For further information, please visit www.fbrtreit.com.
Forward-Looking Statements
This communication contains forward-looking statements that involve certain risks and uncertainties beyond FBRT’s control, potentially impacting actual results. These forward-looking statements, identified by phrases such as “will,” “should,” “expects,” “anticipates,” and “foresees,” among others, are subject to inherent risks and uncertainties. FBRT does not undertake any obligation to update or revise forward-looking statements, unless required by law. Investors are urged to review 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, for a comprehensive understanding of the risks and factors that may affect actual results. These forward-looking statements are made as of the date of this communication.
