KREF closes $1.3B CRE CLO, redeems $1.0B 2018 CLO

KKR Real Estate Finance Trust Inc.

Closed $1.3B managed CRE CLO (KREF 2021-FL2) on Aug 16, 2021, refinancing the prior $1.0B 2018 CLO.
Finances one mortgage loan and 19 pari passu participations from KREF's portfolio.
Provides 84% advance rate at weighted average running cost of L+1.30% (before amortized costs).
Features two-year reinvestment period on a non-mark-to-market and non-recourse basis.
Co-lead managers: Wells Fargo, KKR Capital Markets, Morgan Stanley, Goldman Sachs, MUFG.

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