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RAIT Financial Trust
REIT owned by Fortress Investment Group From Wikipedia, the free encyclopedia
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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]
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History
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]
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References
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