Press Release March 28, 2022

Ready Capital Corporation Announces Completion of Acquisitions

Alston & Bird acted as legal advisor to real estate finance company Ready Capital Corporation in the completion of its previously announced $550 million acquisitions of a series of privately held real estate structured finance opportunities funds, with a focus on construction lending, managed by Mosaic Real Estate Credit Management LLC (Mosaic Real Estate Credit LLC, Mosaic Real Estate Credit TE LLC, and MREC International Incentive Split LP).
 
The acquisitions will expand Ready Capital’s investment portfolio to include a diverse portfolio of construction assets with attractive portfolio yields resulting in expected earnings accretion and a reduced leverage profile.
 
Ready Capital is an NYSE-listed real estate finance company that originates, acquires, finances, and services small to medium-sized commercial loans. Headquartered in New York, the company employs more than 600 lending professionals nationwide. It is externally managed and advised by Waterfall Asset Management LLC.
 
The combined company will conduct business under the name “Ready Capital Corporation” and will continue to trade on the New York Stock Exchange under the ticker symbol “RC.”
 
Representing Ready Capital was an Alston & Bird team led by partners Michael Kessler, David E. Brown, and Saloni Joshi, counsel Aaron Hendricson, and associate Joel Jung (Financial Services & Products); partners Shawna Tunnell and Sarah Ma and senior associate Stefanie Kavanagh (Federal & International Tax); partner Paul Hespel (Finance); partner Brett Coburn (Labor & Employment); partner Blake MacKay (Employee Benefits & Executive Compensation); partners Robert Long and Elizabeth Gingold Clark and senior associate Tim Fitzmaurice (Securities Litigation); and senior associate Simon Cahill and associate Misbah Mohiuddin (Corporate & Business Transactions).
Media Contact
Alex Wolfe
Communications Director

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