The notes are backed by a portfolio of “collateral interests comprised of” commercial real estate subordinate debt, mezzanine debt, and
preferred equity interests, the company said in its filing with the Securities and Exchange Commission.
KeyCorp Real Estate Capital Markets was the advancing agent on the deal. Wells Fargo Bank was the paying agent.
The newly issues notes “are limited recourse obligations of the Issuer, with recourse generally limited to the collateral interests…” Redwood said. “There is no recourse for the payment of any amount owing in respect of the Notes against any officer, director, employee, shareholder, limited partner or incorporator of the Issuer or any of its successors or assigns for any amounts payable under the notes.”
Last month Redwood, through its Sequoia Trust shelf, came to market with a $301 million jumbo MBS bond.