ACRES Commercial Realty (ACR) said Tuesday that it will issue through a subsidiary $879.5 million in non-recourse, floating-rate notes at a weighted-average cost of the one-month term secured overnight financing rate plus 168 basis points.
The transaction is expected to close by Feb. 12.
The notes are collateralized by around $1 billion of floating-rate first mortgage loans originated by the company and $200 million in cash, the company said.
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