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Varde Partners Completes $290 Million Note Issuance

JUL 29, 2014 4:44pm ET
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Varde Partners completed the issuance of $290 million in notes secured primarily by real estate loans and assets, the alternative investment firm announced Tuesday.

The securitization notes, VFC Series 2014-2, are backed by a pool of performing and nonperforming commercial and real estate owned properties. The assets were purchased from banks, special servicers and other financial institutions, Minneapolis-based Varde said in a press release.

Kroll Bond Rating Agency rated the Class A notes BBB-, while the Class B notes were not rated.

The issuance was completed through Varde subsidiaries VFC Partners and FirstCity Financial, the latter of which will act as the servicer for this transaction.

VFC, which has invested more than $1.1 billion in commercial real estate loans since 2009, executed a $185.5 million issuance last September.

"We continue to identify potential investment opportunities in the U.S. real estate sector and are actively seeking to acquire similar assets," said Ali Haroon, global co-head of illiquid investments at Varde, in a press release.

Credit Suisse served as the sole structuring agent during this transaction. The joint bookrunners and co-lead managers for the note issuance were Credit Suisse and Wells Fargo Securities.

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