NEW YORK, NY, Nov 18, 2010 (MARKETWIRE via COMTEX) --
Resource Capital Corp. (NYSE: RSO) announced today the closing of two new self-originated whole loans. The first loan is in the amount of $8,150,000 and is secured by a neighborhood shopping center in Orlando, FL. The loan has an initial floating rate of 8.75%, with a spread of 575 basis points over a 3% LIBOR floor, and has a term of three years with two one year extensions. The second loan is in the amount of $9,750,000 and is secured by a portfolio of retail and multifamily buildings in the Gaslamp section of San Diego, CA. The loan has an initial floating rate of 7.75%, with a spread of 475 basis points over a 3% LIBOR floor, and has a term of three years with two one year extensions.
Dave Bloom, Senior Vice President of Real Estate Investments, commented, "We are very excited to be originating new loans again and to be participating in the real estate recovery. RSO is well capitalized and we are excited to be utilizing our national origination platform to be writing new loans. RSO has a full forward pipeline of transactions and looks forward to being an active capital provider for real estate sponsors and creating customized financing solutions for our borrowers."
About Resource Capital Corp.
Resource Capital Corp. is a commercial real estate specialty finance company that qualifies as a real estate investment trust, or REIT, for federal income tax purposes. RSO's investment strategy focuses on commercial real estate-related assets and, to a lesser extent, higher-yielding commercial finance assets. RSO invests in the following asset classes: commercial real estate-related assets such as whole loans, A-notes, B-notes, mezzanine loans, mortgage-related securities and real estate joint ventures, and commercial finance assets such as other asset-backed securities, senior secured corporate loans, lease receivables, trust preferred securities, structured notes and debt tranches of collateralized debt obligations.
RSO is externally managed by Resource Capital Manager, Inc., an indirect wholly owned subsidiary of Resource America, Inc. (NASDAQ: REXI), a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the real estate, commercial finance and financial fund management sectors.
For more information, please visit the Company's website at http://www.resourcecapitalcorp.com or contact investor relations at pkamdar@resourceamerica.com.
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SOURCE: Resource Capital Corp.
