TPG RE Finance Trust Closes $1.1B CRE CLO
TPG RE Finance Trust, Inc. (TRTX) closed on TRTX 2025-FL6, a $1.1-billion managed commercial real estate collateralized loan obligation. The New York City-based company placed $962.5 million of investment grade securities with institutional investors, providing it with term financing on a non-mark-to-market, non-recourse basis.
TRTX 2025-FL6 includes a 30-month reinvestment period, an advance rate of 87.5% and a weighted average interest rate at issuance of Term SOFR plus 1.83%, before transaction costs. In connection with TRTX 2025-FL6, TRTX redeemed TRTX 2019-FL3, a CRE CLO with approximately $114.6 million of investment-grade securities outstanding. The issuance of TRTX 2025-FL6 and the redemption of TRTX 2019-FL3 resulted in net cash proceeds of approximately $191.0 million.
Goldman Sachs acted as sole structuring agent, co-lead manager and joint bookrunner for TRTX 2025-FL6. BofA Securities and Wells Fargo Securities acted as co-lead managers and joint bookrunners, Barclays Capital, Citigroup Global Markets, HSBC Securities USA, M&T Securities, Morgan Stanley, Raymond James, Standard Chartered Bank and TPG Capital BD acted as co-managers.
Pictured: TPG RE Finance Trust headquarters, 888 Seventh Ave. in Midtown Manhattan.
