NEW YORK, NY -- (Marketwired) -- 09/15/15 --
Resource Capital Corp. (NYSE: RSO) (the "Company") announced today that it has entered into a new $250 million commercial real estate term financing facility with Morgan Stanley Bank, N.A. The facility will be used to finance the continued expansion of the Company's long established core commercial real estate lending business, the origination of floating rate whole loans, on lightly transitional properties nationwide. The financing facility has an initial term of three years with one-year extension options thereafter.
Dave Bloom, the Company's Head of Real Estate, commented, "This new term financing facility with Morgan Stanley again demonstrates RSO's ability to access flexible credit to support our continued growth. RSO has a full forward pipeline of lending opportunities and the addition of this financing facility provides adequate scale and term to fuel the growth of our nationwide direct origination platform. The new credit facility brings our total capacity of term financing facilities to $650 million, which will be utilized to aggregate collateral while we prepare to access the structured finance market on a regular basis, as we have four times in the past twenty months. RSO has a long established relationship with Morgan Stanley and we are pleased to enter into this financing facility and look forward to the ongoing expansion of our relationship."
RSO is a real estate investment trust that is primarily focused on originating, holding and managing commercial mortgage loans and other commercial real estate-related debt and equity investments. The Company is also active in commercial finance, including through Northport Capital, its middle market lending platform. The Company is externally managed by Resource Capital Manager, Inc., an indirect wholly-owned subsidiary of Resource America, Inc. (NASDAQ: REXI), an asset management company that specializes in real estate and credit investments. For more information, please visit the Company's website at www.resourcecapitalcorp.com or contact investor relations at email@example.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "trend," "will," "continue," "expect," "intend," "anticipate," "estimate," "believe," "look forward" or other similar words or terms. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. Factors that can affect future results are discussed in the documents filed by Resource Capital Corp. from time to time with the Securities and Exchange Commission. Resource Capital Corp. undertakes no obligation to update or revise any forward-looking statement to reflect new or changing information or events after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.
Resource Capital Corp.
Source: Resource Capital Corp.