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Marriott Vacations Worldwide Completes Securitization of Vacation Ownership Loans
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Marriott Vacations Worldwide Completes Securitization of Vacation Ownership Loans
prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
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WESTBURY, N.Y., May 7, 2021 /PRNewswire/ ACRES Commercial Realty Corp. (NYSE: ACR) (the Company ) announced that its newly formed subsidiaries, ACRES Commercial Realty 2021-FL1 Issuer, Ltd. (the Issuer ) and ACRES Commercial Realty 2021-FL1 Co-Issuer, LLC (together with the Issuer, the Co-Issuers ), will issue $675.2 million of non-recourse, floating-rate notes ( Offered Notes, the Securities or the Offering ) at a weighted average cost of the one-month London Interbank Offered Rate ( LIBOR )+149 basis points.
Mark Fogel, President and CEO of the Company, stated, We are very pleased with the execution of our first managed CLO. We believe our origination pipeline will allow us to take full advantage of the transaction s reinvestment features, and our experienced asset management team will provide the support and oversight for the deal.