Ready Capital Corp. has agreed to acquire a series of privately held, real estate structured finance opportunities funds, with a focus on construction lending and workforce housing, managed by Mosaic Real Estate Credit Management.
Under the terms of the merger agreement, Ready Capital will acquire all of the outstanding equity interests in MERC. The expected value of the deal at closing is approximately $471 million based on Ready Capital's last sale price on Nov. 3 and could surpass $550 million with earn-out provisions.
The transaction will create a scaled commercial mortgage REIT with a combined capital base in excess of $1.7 billion.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
