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/PRNewswire/ -- ACRES Commercial Realty Corp. (NYSE: ACR) (the "Company") announced that its newly formed subsidiaries, ACRES Commercial Realty 2021-FL2...
/PRNewswire/ -- ACRES Commercial Realty Corp. (NYSE: ACR) (the "Company") announced that its newly formed subsidiaries, ACRES Commercial Realty 2021-FL2...
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Share this article Share this article 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 t...
PSSL will retain all the Class E Notes and Subordinated Notes through a consolidated subsidiary. The reinvestment period for the term debt securitization ends in January 2024 and the Debt is scheduled to mature in January 2032. The term debt securitization is expected to be approximately 95% funded at close. The proceeds from the Debt will be used to repay a portion of PSSL’s $325 million secured credit facility. The notes offered as part of the term debt securitization have not been and will not be registered under the Securities Act of 1933, as amended, or the Securities Act, or any ...