[ad_1]
Terra Property’s main business is investing in commercial real estate loans. Meanwhile, Western Asset finances and manages a portfolio of residential real estate loans and assets. The companies plan to sell off WMC’s assets and redeploy capital into floating-rate, low-LTV commercial loans.
Read next: CRE finance industry sentiment improves, but negativity persists
“This compelling combination is a unique opportunity to establish a diversified REIT that prioritizes capital preservation, maintains a robust balance sheet, and consistently generates attractive risk-adjusted returns for its shareholders,” said Vik Uppal, who will be the chairman and CEO of the combined REIT.
“With reduced leverage levels and increased liquidity as a combined company, we believe WMC shareholders will greatly benefit from the partnership of a well-capitalized institutional partner in TPT, which brings a proven track record and has developed broad and deep expertise investing across cycles, property types, and markets,” Wongtrakool added.
Want to keep up with the latest mortgage news? Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
[ad_2]
Source link
