Commercial/Multifamily Briefs from Arbor Realty Trust, CBRE

Arbor Realty Trust Closes $1.5 Billion Collateralized Loan Obligation Securitization

Arbor Realty Trust, Uniondale, N.Y., closed a $1.50 billion commercial real estate mortgage loan securitization.

An aggregate of approximately $1.24 billion of investment grade-rated notes were issued and Arbor retained $263 million in subordinate interests in the issuing vehicle. The $1.50 billion of collateral included $313 million of capacity to acquire additional loans for a period of up to 180 days from the securitization’s closing date.

The notes had an initial weighted average spread of 1.31% over one-month LIBOR, excluding fees and transaction costs. The facility has an approximate two-and-a-half-year replenishment period that allows the principal proceeds from repayments of the portfolio assets to be reinvested in qualifying replacement assets, subject to certain conditions.

The offering of the investment grade-rated notes was made pursuant to a private placement. The investment grade-rated Notes were issued under an indenture and secured initially by a portfolio of real estate related assets and cash with a face value of $1.50 billion, with such real estate related assets consisting primarily of first mortgage bridge loans.

Arbor said it intends to own the portfolio of real estate related assets through the vehicle until its maturity and expects to account for the Securitization on its balance sheet as a financing. Arbor said it will use the proceeds of this securitization to repay borrowings under its current credit facilities, pay transaction expenses and fund future loans and investments.

CBRE Global Investors rebrands as CBRE Investment Management

CBRE Global Investors changed its name to CBRE Investment Management.

CBREIM replaces the CBRE Global Investors brand and all sub-brands globally, including its private infrastructure business CBRE Caledon Capital Management, its listed real assets business CBRE Clarion Securities and its private indirect real estate business CBRE Global Investment Partners.