BrightSpire Capital’s $223 Million Sale of Portfolio

Willkie Farr & Gallagher represented BrightSpire in the transaction.

BrightSpire Capital, Inc. (NYSE: BRSP), formerly known as Colony Credit Real Estate, Inc. (NYSE: CLNC), one of the largest publicly traded commercial real estate (CRE) credit REITs, has reached an agreement to sell a majority of its historical development and/or non-accrual assets to managed vehicles of Fortress Investment Group LLC, a leading, diversified global investment manager, for gross proceeds of $223 million. 

The Co-Invest Portfolio Sale includes (i) the four co-investments subject to BrightSpire’s “5-Investment Preferred Financing”, which includes both Dublin, Ireland development loans and two other U.S. mixed-use and single family development loans, and (ii) a residual hotel loan equity participation interest in Austin, Texas.

BrightSpire Capital, Inc. is one of the largest publicly traded commercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. 

The Willkie deal team was led by partners Adam Turteltaub (Picture) and Eric Halperin and associate Augie Donati and included partner Guy Inbar.

Involved fees earner: Augustine Donati – Willkie Farr & Gallagher; Eric Halperin – Willkie Farr & Gallagher; Guy Inbar – Willkie Farr & Gallagher; Adam Turteltaub – Willkie Farr & Gallagher;

Law Firms: Willkie Farr & Gallagher;

Clients: BrightSpire Capital;

Author: Martina Bellini