BrightSpire Capital sells $223m portfolio

BrightSpire Capital, formerly known as Colony Credit Real Estate, has reached an agreement to sell a majority of its historical development and/or non-accrual assets to managed vehicles of Fortress Investment Group, for gross proceeds of $223 million.

“We look forward to continuing to work with the Fortress team to effectuate this transaction which is another step toward simplifying our business by rebalancing our portfolio and reducing exposure to certain investment profiles that are no longer core to our strategy. We remain focused on delivering current and predictable earnings primarily through exposure to senior mortgages,” said Andy Witt, COO of BrightSpire Capital.