Claros Mortgage to launch $350 million term loan B on Wednesday

By Sara Rosenberg

New York, July 23 – Claros Mortgage Trust Inc. is scheduled to hold a lender call at 11 a.m. ET on Wednesday to launch a $350 million seven-year senior secured term loan B (Ba3), according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Price talk on the term loan is Libor plus 325 basis points with a 0% Libor floor and an original issue discount of 99 to 99.5, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used for general corporate purposes and new loan origination.

Commitments are due on Aug. 5, the source added.

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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