Chicago, March 24 – MF1 REIT II LLC sold $1.19 billion of new notes in a commercial real estate collateralized loan obligation due July 17, 2036 with MF1 2021-FL5 Ltd. listed as issuer, according to a notice.
The CRE CLO includes $687.2 million of class A floating-rate notes at Libor plus 85 basis points, $139.8 million of class A-S floating-rate notes at Libor plus 120 bps, $47.6 million of class B 2.2% fixed-rate notes,$56.5 million of class C floating-rate notes at Libor plus 170 bps, $65.5 million of class D floating-rate notes at Libor plus 250 bps, $17.9 million of class E floating-rate notes at Libor plus 300 bps, $55 million of class F floating-rate notes at Libor plus 375 bps and $34.2 million of class G floating-rate notes at Libor plus 500 bps.
There are also $86.3 million preferred shares.
There is no reinvestment period.
At closing, 96% of the target pool assets had closed with the other two expected to close within 90 days of the closing date.
Collateral is 37 commercial real estate senior loan interests.
Credit Suisse Securities (USA) LLC, J.P. Morgan Securities, LLC and Amherst Pierpont Securities LLC were underwriters.
MF1, the seller, sponsor and administrator, is a subsidiary of Berkshire Bridge Loan Investors I, LP.
| Issuer: | MF1 2021-FL5 Ltd.
|
| Issue: | Floating-rate notes and preferred shares.
|
| Structure: | CRE CLO
|
| Amount: | $1.19 billion
|
| Maturity: | July 17, 2036
|
| Agents: | Credit Suisse Securities (USA) LLC, J.P. Morgan Securities, LLC and Amherst Pierpont Securities LLC
|
| Manager: | MF1 REIT II LLC
|
| Settlement date: | March 17
|
|
|
| Class A notes
|
| Amount: | $687.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 85 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-S notes
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| Amount: | $139.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
|
|
| Class B notes
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| Amount: | $47.6 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.2%
|
|
|
| Class C notes
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| Amount: | $56.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
|
|
| Class D notes
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| Amount: | $65.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
|
|
| Class E notes
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| Amount: | $17.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
|
|
| Class F notes
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| Amount: | $55 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 375 bps
|
|
|
| Class G notes
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| Amount: | $34.2 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 500 bps
|
|
|
| Preferred stock
|
| Amount: | $86.3 million
|
| Securities: | Preferred stock
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