Maples Group Supports TPG in Market-Leading CRE CLO
Maples and Calder and Maples Fiduciary recently assisted leading global alternative investment firm, TPG in respect of the launch of their first marketed Commercial Real Estate CLO ("CRE CLO").
TPG, through its public mortgage REIT, TPG RE Finance Trust (NYSE: TRTX), launched TPG Real Estate Finance 2018-FL1, a US$932.4 million static transaction backed by 26 bridge loans secured by 63 commercial properties that are being rehabbed or converted to a new use. The transaction is roughly twice the size of most other CRE CLOs brought to market since the financial crisis.
As a result of its established reputation for technical excellence and regulatory expertise and unique approach to client service, Maples Fiduciary has been long recognised as one of the premier service providers in the industry and has been appointed to provide administrative and fiduciary support to TPG Real Estate Finance 2018-FL1 Issuer, Ltd. in the Cayman Islands, and TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC in Delaware. Maples and Calder also provided Cayman Islands legal advice to the issuer.
The Maples and Calder team was led by Partner Tina Meigh and Associate Jonathan Brown, while the Maples Fiduciary team was led by Guy Major, Yun Zheng, Ed Truitt and Gregory Read.
"We would like to congratulate TRTX on the launch of their first marketed CRE CLO," said Guy Major, Global Head of Maples Fiduciary. "We are proud to support one of the industry's most established and innovative players and look forward to continuing to deliver the high calibre of service we have become known for and further growing our partnership. Being involved in such a high profile transaction demonstrates the expertise of both our Cayman and Delaware offices in the growing CRE CLO space."