Benefit Street Partners (BSP) has closed a $1.1bn (£830.6m) commercial real estate collateralised loan obligation (CLO).
The vehicle, named BSPDF 2026-FL3, is the second CLO issued from the manager’s Opportunistic Debt Fund II.
“The transaction reflects the quality and diversity of the collateral pool, where significant multifamily exposure and a broad property mix resonated with investors and highlight the strength of our real estate credit platform,” said Michael Comparato, head of commercial real estate at BSP.
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According to the manager, the CLO has a 30-month reinvestment period and was structured with a 180-day ramp-up acquisition period. BSP said the portfolio is financed with 88.6 per cent CLO debt.
The CLO has a weighted average interest cost of one-month CME Term SOFR plus 1.68 per cent.
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BSP has $92bn in assets under management across private debt, real estate debt, structured credit and liquid loans.
J.P. Morgan Securities served as sole structuring agent for the CLO. Atlas SP Securities, a division of Apollo Global Management, alongside Barclays, Citigroup and Wells Fargo, acted as co-lead managers and joint bookrunners.
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