Benefit Street Partners announces closing of three senior loans aggregating $265m on a multifamily portfolio

Benefit Street Partners (BSP) announced the closing of three floating-rate, cross-collateralized senior loans aggregating $265 million on a multifamily portfolio. The portfolio comprises 1,262 units of class A multifamily product across three properties located in Saint John’s County, Fla. Electra Capital Advisors provided three co-terminus mezzanine loans aggregating $60 million. The loan’s sponsor, Gatlin Development, is a repeat borrower of BSP. BSP was the original construction lender for all three assets, which were completed in 2023 and 2024.

BSP allocated the loan across its commercial real estate platform, including $136.4 million to Franklin BSP Realty Trust.