FS Credit Real Estate Income Trust Inc., a non-traded monthly NAV REIT sponsored by FS Investments, recently closed on a floating-rate senior loan totaling $38 million.
The loan is secured by three condominium units located in New York City and bears interest at a floating rate over the one-month London Interbank Offered Rate. The loan an initial 36-month term with two, 12-month extension options.
FS Credit Real Estate Income Trust, which is advised by FS Real Estate Advisor and sub-advised by Rialto Capital Management, plans to invest in floating-rate mortgage loans that are secured by first-priority mortgages on transitional commercial real estate properties. The offering was declared effective in September 2017, and as of the fourth quarter of 2018, the company’s portfolio consisted of 17 loans totaling approximately $239 million. As of December 31, 2018, the company raised approximately $18.5 million in investor equity in the primary offering and an additional $66.1 million through a private placement. The offering is scheduled to close on September 11, 2019, unless extended.