NEW YORK, NY -- (Marketwired) -- 07/23/13 --
Resource Capital Corp. (NYSE: RSO) (the "Company") announced today that it has entered into a new $200 million commercial real estate credit facility with Deutsche Bank AG. The credit facility will be used to finance the continued expansion of the Company's core commercial real estate lending business, floating rate whole loans, on lightly transitional properties nationwide. The credit facility has a term of three years, inclusive of extension options.
Dave Bloom, Senior Vice President and Head of Real Estate, commented, "This new credit facility with Deutsche Bank again demonstrates RSO's ability to access flexible credit to support its continued growth. RSO has a full forward pipeline of lending opportunities and the addition of this credit 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 $450 million, which will be utilized to aggregate collateral while we make plans to again access the structured finance market. RSO has a long established relationship with Deutsche Bank and we are very pleased to enter into this credit facility and look forward to the ongoing expansion of this relationship."
About Resource Capital Corp.
RSO is a diversified real estate finance company that is organized and conducts its operations to qualify as a REIT for federal income tax purposes. RSO's investment strategy focuses on commercial real estate (CRE) assets, and, to a lesser extent, commercial finance assets and other investments. RSO invests in the following asset classes: CRE-related assets such as commercial real estate property, whole loans, A-notes, B-notes, mezzanine loans, CMBS and investments in real estate joint ventures as well as commercial finance assets such as bank loans, lease receivables, other asset-backed securities, corporate bonds, trust preferred securities, debt tranches of CDOs, structured note investments, and private equity investments principally issued by financial institutions.
RSO is externally managed by Resource Capital Manager, Inc., an indirect wholly-owned subsidiary of Resource America, Inc. (NASDAQ: REXI), a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the real estate, financial fund management and commercial finance sectors.
For more information, please visit the Resource Capital Corp. website at www.resourcecapitalcorp.com or contact investor relations at firstname.lastname@example.org.
Resource Capital Corp.
Source: Resource Capital Corp.