Ropes & Gray Advised Claros Mortgage Trust, Inc. on $500 Million Secured Term Loan Credit Facility

Ropes & Gray served as lead legal advisor to Claros Mortgage Trust, Inc. (NYSE: “CMTG”) on its $500 million, four-year secured term loan credit facility provided by entities affiliated with HPS Investment Partners, LLC. The transaction was announced in a press release on February 2. Proceeds from the financing, together with cash on hand, were used to retire CMTG’s prior $556.2 million term loan facility. In connection with the financing, CMTG also issued 10-year detachable warrants to the lending entities, and aligned select financial covenants across its facilities.

The Ropes & Gray team was led by New York based partners Daniel Stanco and Nitin Konchady, and associates David Rosenthal and Courtney Jones, and included real estate partner Ryan Duerring, finance partner Arek Maczka, capital markets partner Rachel Phillips, and tax partner Kristen Winckler, as well as counsel Sara Clevering, and associates John Landzert, Alexys Ogorek, Luke Smith, Jordan Sparks and Philip Wu.