Alston & Bird acted as legal advisor to real estate finance company Ready Capital Corporation in its announced $550 million acquisition of a series of privately held, real estate structured finance funds, with a focus on construction lending and workforce housing, managed by MREC Management LLC.
Under the terms of the merger agreement, Ready Capital will acquire all the outstanding equity interests in Mosaic Real Estate Credit LLC, Mosaic Real Estate Credit TE, and MREC International Incentive Split. When completed, Ready Capital is expected to have a pro forma equity capital base exceeding $1.7 billion.
Ready Capital is an NYSE-listed multistrategy real estate finance company that originates, acquires, finances, and services small- to medium-sized balance commercial loans. Headquartered in New York, it is externally managed and advised by Waterfall Asset Management LLC.
Created by Mosaic Real Estate Investors, MREC Management is a registered investment adviser to certain private funds and managed accounts, including the Mosaic funds.
Representing Ready Capital is an Alston & Bird team led by partners Michael Kessler and David E. Brown and associate Joel Jung (REITs & Funds); partner Shawna Tunnell and senior associate Stefanie Kavanagh (Federal & International Tax); partners Joseph Gambino, Paul Hespel, and Peter Williams, counsel John Stephen, senior associates David Rutherford and Jillian Luby, and associate Summer Allen (Finance); partner Saloni Joshi, counsel Aaron Hendricson, senior associate Megan Lau, and associates Rob Davidson and Helena Wong (Financial Services & Products); senior associate Simon Cahill and associates Misbah Mohiuddin and Yasmin Yavari (Corporate & Business Transactions); and senior associate Nick Chandler (Labor & Employment).
Under the terms of the merger agreement, Ready Capital will acquire all the outstanding equity interests in Mosaic Real Estate Credit LLC, Mosaic Real Estate Credit TE, and MREC International Incentive Split. When completed, Ready Capital is expected to have a pro forma equity capital base exceeding $1.7 billion.
Ready Capital is an NYSE-listed multistrategy real estate finance company that originates, acquires, finances, and services small- to medium-sized balance commercial loans. Headquartered in New York, it is externally managed and advised by Waterfall Asset Management LLC.
Created by Mosaic Real Estate Investors, MREC Management is a registered investment adviser to certain private funds and managed accounts, including the Mosaic funds.
Representing Ready Capital is an Alston & Bird team led by partners Michael Kessler and David E. Brown and associate Joel Jung (REITs & Funds); partner Shawna Tunnell and senior associate Stefanie Kavanagh (Federal & International Tax); partners Joseph Gambino, Paul Hespel, and Peter Williams, counsel John Stephen, senior associates David Rutherford and Jillian Luby, and associate Summer Allen (Finance); partner Saloni Joshi, counsel Aaron Hendricson, senior associate Megan Lau, and associates Rob Davidson and Helena Wong (Financial Services & Products); senior associate Simon Cahill and associates Misbah Mohiuddin and Yasmin Yavari (Corporate & Business Transactions); and senior associate Nick Chandler (Labor & Employment).