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Granite Point Mortgage Trust Says, In December, It Resolved $93M Senior Loan That Was On Nonaccrual Status

Author: Benzinga Newsdesk | December 19, 2023 05:51pm

The resolution involved a coordinated sale of the collateral property, a San Diego, CA office property, and the Company provided the new ownership group with a $49 million senior floating rate loan supported by meaningful fresh cash equity capital invested in the property by the new sponsor. As a result of these transactions, the Company expects to realize a loss of approximately $(30) million, which had been largely reserved for through the previously recorded allowance for credit loss on this loan and will be reflected in the Company's financial results for the fourth quarter of 2023.

Posted In: GPMT


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