Franklin BSP Realty Trust, Inc. Announces Completion of Williamsburg Hotel Sale
April 18 2023 - 5:29PM
Business Wire
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the
“Company”) today announced the successful completion of the sale of
the Williamsburg Hotel, the Company’s Brooklyn hotel asset, by a
trustee appointed by the United States Bankruptcy Court for the
Southern District of New York. The purchaser of the hotel was
selected after a multi-month marketing process. The sale closed for
a total sale price of $96 million, comprising cash and new
indebtedness. As a result of the sale, the Company has recovered
the full principal amount of its loan (equal to the carrying cost
of the loan as of December 31, 2022) and approximately $20 million
of additional proceeds after the payment of all related closing
expenses.
“We are very pleased that the sale of the Williamsburg hotel is
now complete and has resulted in a positive resolution,” said
Michael Comparato, President of FBRT. “The hotel loan has been on
our watchlist since June 2019, and we are excited to redeploy the
capital that we have freed up with this payoff into our commercial
real estate portfolio. I’m proud of our team who worked tirelessly
through the extensive bankruptcy process to bring this loan to
resolution.”
About Franklin BSP Realty Trust, Inc.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate
investment trust that originates, acquires, and manages a
diversified portfolio of commercial real estate debt secured by
properties located in the United States. As of December 31, 2022,
FBRT had approximately $6.2 billion of assets. FBRT is externally
managed by Benefit Street Partners L.L.C., a wholly owned
subsidiary of Franklin Resources, Inc. For further information,
please visit https://www.fbrtreit.com.
Forward-Looking Statements
Certain statements included in this press release are
forward-looking statements. Those statements include statements
regarding the intent, belief or current expectations of the Company
and members of our management team, as well as the assumptions on
which such statements are based, and generally are identified by
the use of words such as "may," "will," "seeks," "anticipates,"
"believes," "estimates," "expects," "plans," "intends," "should" or
similar expressions. Actual results may differ materially from
those contemplated by such forward-looking statements. Further,
forward-looking statements speak only as of the date they are made,
and we undertake no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over
time, unless required by law.
The Company's forward-looking statements are subject to various
risks and uncertainties, including but not limited to the risks and
important factors contained and identified in the Company’s filings
with the Securities and Exchange Commission (“SEC”), including its
Annual Report on Form 10-K for the fiscal year ended December 31,
2022 and its subsequent filings with the SEC, any of which could
cause actual results to differ materially from the forward-looking
statements. The forward-looking statements included in this
communication are made only as of the date hereof.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230418006225/en/
Investor Relations Contact: Lindsey Crabbe
l.crabbe@benefitstreetpartners.com (214) 874-2339
Franklin BSP Realty (NYSE:FBRT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Franklin BSP Realty (NYSE:FBRT)
Historical Stock Chart
From Jul 2023 to Jul 2024