RAIT Financial Trust (Resource Asset Investment Trust) is a real estate investment trust owned by Fortress Investment Group that manages commercial real estate loans and properties. It is headquartered at 130 West 42nd Street, New York City.[1]
| Founded | August 1997 |
|---|---|
| Headquarters | 130 West 42nd Street, New York City, |
| Owner | Fortress Investment Group |
| Website | www |
History edit
RAIT was founded in August 1997 by Resource America, Inc. at which time it was led by Betsy Z. Cohen.[1][2]
In January 1998, the company became a public company via an initial public offering.[3]
In December 2006, the company merged with Taberna Financial Realty Trust.[4]
In August 2007, during the subprime mortgage crisis, the company suffered due to its exposure to American Home Mortgage.[5]
In July 2009, the company sold its residential mortgage portfolio to Angelo Gordon for $15.8 million and took a $62 million loss on the sale.[6]
In March 2014, Urban Retail Properties became a subsidiary of the company.[7]
In November 2015, the company signed a lease to move its offices from the Cira Centre.[8]
In May 2017, the company sold UBS Plaza for $14 million.[9]
In December 2018, the company sold PlazAmericas.[10]
In August 2019, after defaulting on its bonds, RAIT filed bankruptcy and agreed to be acquired by Fortress Investment Group for $174.4 million.[11]
Magnetar Capital, a hedge fund, made a competing offer to acquire the company but the offer was rejected by a judge in December 2019.[12]
References edit
- ^ a b "Overview". RAIT Financial Trust.
- ^ Kostelni, Natalie (September 10, 2007). "Housing misery hits RAIT". American City Business Journals.
- ^ "IPOs for the fearless". CNN. January 12, 1998.
- ^ "RAIT merger complete". American City Business Journals. December 11, 2006.
- ^ Dunham, Kemba J. (August 15, 2007). "Home-Loan Woes Hit Commercial REITs". The Wall Street Journal.
- ^ Kostelni, Natalie (July 22, 2009). "RAIT unloads loans, takes loss". American City Business Journals.
- ^ "RAIT Financial Trust Acquires Retail Centers for $50.8 Million". Business Wire. September 18, 2014.
- ^ Kostelni, Natalie (November 13, 2015). "RAIT Financial Trust leaving Cira Centre, wants to be back in Center City". American City Business Journals.
- ^ Reilly, Mark (May 26, 2017). "UBS Plaza in St. Paul sells fetches $14 million in sale". American City Business Journals.
- ^ Pulsinelli, Olivia (December 21, 2018). "Houston real estate firm buys former Sharpstown Mall". American City Business Journals.
- ^ Yerak, Becky (August 31, 2019). "RAIT Financial Trust Files for Bankruptcy". The Wall Street Journal.
- ^ Yerak, Becky (December 5, 2019). "RAIT Financial Shareholders Fail to Derail Fortress Bankruptcy Bid". The Wall Street Journal.