Aug 03, 2020, 11:41 EST
Bronx, United States, Aug 03, 2020, 11:41 /Comserve / -- Exantas Capital Corp. announced that the subsidiary of ACRES Capital Corp., namely ACRES Capital LLC, acquired the Company’s Management Agreement from an affiliate of C-III Capital Partners.
New York, August 3, 2020 – Exantas Capital Corp. announced that the subsidiary of ACRES Capital Corp., namely ACRES Capital LLC, acquired the Company’s Management Agreement from an affiliate of C-III Capital Partners. Further, the Company also announced that it has entered into an agreement for new capital commitments of up to USD 375 million by Oaktree Capital Management, L.P., and Massachusetts Mutual Life Insurance Company. The aim of the investments is to meet current financing requirements as well as for new investments and therefore provide ample liquidity to the functioning of the business.
ACRES, the new manager of Exantas, stated that it would implement the business plans of Exantas for preserving and growing book value and earnings. Andrew Fentress, the Chairman of the Board of Exantas and the Co-Founder of ACRES, in his statement stated that the Company intends to expand and be a market leader in the commercial real estate lending space. He further stated that the Company has displayed a strong market position and has assembled a high-quality portfolio. He further added that the recent investments made to Exantas would help the Company to execute its objectives, navigate the evolving market space and further help them to deliver their shareholders a long-term value.
As far as the transaction is concerned, the deal included the transition of the management, followed by a senior secured financing facility worth USD 250 million for a period of seven years with MassMutual, and an agreement for unsecured notes worth USD 125 million for a period of seven years with MassMutual and Oaktree.
About Exantas Capital Corp.
Exantas Capital Corp. is a real estate investment trust which is externally managed by the subsidiary of ACRES Capital Corp., ACRES Capital, LLC. The Company focuses on commercial real estate-related debt investments along with originating, holding, and managing commercial real estate mortgage loans.
COMSERVE empowers communicators by offering modern digital PR solutions and distribution services to identify and engage with customers, opinion leaders, bloggers and other relevant audience.
For more information, please contact:Anna R .Moser
CareSpace joins Avnet IoTConnect Partner Program to speed up and scale COVID 19 digital health deplo
Fortera Credit Union, headquartered in Clarksville, is preparing a merger with Life Credit Union. Th