Claros Mortgage Trust, Inc.
(Note: This is a REIT (real estate investment trust) IPO.)
Claros Mortgage Trust, Inc., a Maryland corporation, is a CRE (commercial real estate) finance company focused primarily on originating senior and subordinate loans ranging from $50 million to $300 million on transitional commercial real estate assets in major U.S. markets. We are externally managed and advised by Claros REIT Management LP (our manager) under the terms of a management agreement. Our sponsor is Mack Real Estate Group (MREG). We do not have employees. Our sponsor, MREG, has a development subsidiary with about 11 employees in Los Angeles, Seattle and Phoenix, and a property management subsidiary with about 130 employees.
Transitional CRE assets are properties that require repositioning, renovation, rehabilitation, leasing, development or redevelopment or other value-added elements in order to maximize value. We believe our sponsor’s real estate development, ownership and operations experience and infrastructure differentiates us in lending on these transitional CRE assets. Our objective is to be a premier provider of debt capital for transitional CRE assets and, in doing so, to generate attractive risk-adjusted returns for our stockholders over time, primarily through dividends. We strive to create a diversified investment portfolio of CRE loans that we generally intend to hold to maturity.
Upon completion of this offering, we expect to be one of the largest public commercial mortgage real estate investment trusts in the U.S., based on total stockholders’ equity. From our inception in August 2015 through June 30, 2021, we raised about $2.6 billion of equity capital and originated, co-originated or acquired 86 investments consisting of 131 loans on transitional CRE assets with aggregate loan commitments of approximately $11.5 billion. We have raised and invested significant institutional capital from major state and corporate pension funds, global insurance companies and leading investment managers, among others. From our inception through June 30, 2021, 29 of the investments that we originated, representing aggregate loan commitments of $3.1 billion, have been repaid in full or sold, with no credit losses incurred and a realized gross internal rate of return of 13.2%.
(Note: Claros Mortgage Trust downsized its IPO at pricing on Nov. 2, 2021, by pricing the stock at $18.65 – the low end of its $18.65-to-$19.65 range – and cutting the number of shares to 5.52 million, down from 7.0 million, to raise $103.02 million.)
|Industry:||Real estate lending|
|Address||c/o Mack Real Estate Credit Strategies, L.P. 60 Columbus Circle, 20th Floor New York, NY 10023|
|Phone Number||(212) 484-0050|
|View Prospectus:||Claros Mortgage Trust, Inc.|
|Revenues||$242.65 mil (last 12 months)|
|Net Income||$194.37 mil (last 12 months)|
|Price range||$18.65 - $18.65|
|Est. $ Volume||$103.0 mil|
|Manager / Joint Managers||Morgan Stanley/J.P. Morgan/Goldman Sachs/Deutsche Bank Securities/UBS Investment Bank/Wells Fargo Securities/ JMP Securities/ Keefe, Bruyette & Woods|
|Expected To Trade:||11/3/2021|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|