Redwood Trust, Inc.’s $490 Million Acquisition Of CoreVest American Finance Lender LLC

Sidley Austin represented certain affiliates of Fortress Investment Group’s credit funds business.

Sidley represented certain affiliates of Fortress Investment Group’s credit funds business in their sale of CoreVest American Finance Lender LLC and several of its affiliates to Redwood Trust, Inc. (NYSE:RWT). The acquisition includes the CoreVest operating platform and more than $900M of related financial assets. Redwood Trust plans to fund the transaction with a mix of cash on hand and shares of Redwood stock. The Redwood shares are payable to the CoreVest executive management team and vest over a two-year period.

CoreVest is a leading nationwide originator and portfolio manager of business-purpose residential loans. Redwood Trust, Inc. is a specialty finance company focused on making credit-sensitive investments in residential mortgages and related assets and engaging in mortgage banking activities.

The team was led by partner Asi Kirmayer (Picture) and included partners Brian Krisberg and Carlos Rodriguez; senior counsels David Miller and Marc Raven; counsels George Brooks, Michael Mann and Robert Hardy; and associates Robert Garritano and Sagar Sritharan.

Involved fees earner: George Brooks – Sidley Austin LLP; Robert Garritano – Sidley Austin LLP; Robert Hardy – Sidley Austin LLP; Asi Kirmayer – Sidley Austin LLP; Brian Krisberg – Sidley Austin LLP; Michael Mann – Sidley Austin LLP; David Miller – Sidley Austin LLP; Marc Raven – Sidley Austin LLP; Carlos Rodriguez – Sidley Austin LLP; Sagar Sritharan – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Fortress Investment Group;

Author: Ambrogio Visconti