Claros finalizes $763 million term loan at SOFR plus 450 bps

By Sara Rosenberg

New York, Nov. 19 – Claros Mortgage Trust Inc. firmed pricing on its $763 million term loan due August 2026 at SOFR+CSA plus 450 basis points, the low end of revised talk of SOFR+CSA plus 450 bps to 475 bps but up from initial talk of SOFR+CSA plus 400 bps, according to a market source.

The term loan still has a 0.5% SOFR+CSA floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, an original issue discount of 99.5 and 101 soft call protection for six months.

Previously in syndication, the discount was set at the wide end of the 99.5 to 99.75 talk.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 500 bps with a 1% Libor floor.

Claros Mortgage Trust is a commercial mortgage real estate investment trust with a focus on lending on large scale, transitional assets.

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