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PG RE Finance Trust (NYSE: TRTX) has successfully closed its $1.1 billion managed Commercial Real Estate Collateralized Loan Obligation (CRE CLO), TRTX 2025-FL6, on March 28, 2025. The company placed $962.5 million of investment-grade securities with institutional investors, securing non-mark-to-market, non-recourse term financing.

    Key features of the transaction include a 30-month reinvestment period, an advance rate of 87.5%, and a weighted average interest rate of Term SOFR plus 1.83% at issuance. The company also redeemed TRTX 2019-FL3 on March 17, 2025, which had $114.6 million outstanding.

    The combined transactions generated net cash proceeds of approximately $191.0 million for investment and corporate purposes. This liquidity injection creates significant deployment opportunities in the commercial real estate lending market.

    Goldman Sachs & Co. LLC acted as sole structuring agent, co-lead manager, and joint bookrunner for TRTX 2025-FL6. The successful placement with institutional investors demonstrates continued market appetite for quality structured CRE debt despite broader commercial real estate concerns.

    The transaction materially strengthens TRTX's financial foundation while providing fresh capital for growth in a challenging commercial real estate environment.