Ready Capital Corp. has agreed to acquire a series of privately held, real estate structured finance opportunities funds, with a focus on construction lending and workforce housing, managed by Mosaic Real Estate Credit Management.
Under the terms of the merger agreement, Ready Capital will acquire all of the outstanding equity interests in MERC. The expected value of the deal at closing is approximately $471 million based on Ready Capital's last sale price on Nov. 3 and could surpass $550 million with earn-out provisions.
The transaction will create a scaled commercial mortgage REIT with a combined capital base in excess of $1.7 billion.
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Upon the closing of the mergers, Ready Capital stockholders are expected to own approximately 70% of the combined company's stock, while holders of interests in the Mosaic Funds are expected to own approximately 30% of the combined company's stock.
"The combination of the two businesses is a one-plus-one-equals-three situation," said Mosaic's Managing Partner Ethan Penner. "Both sets of investors—Mosaic's as well as Ready Capital's—will benefit from enhanced diversification as well as deepened and broadened management teams. The fit on every level between the two firms is truly ideal and the combined company will be strongly positioned to thrive going forward."
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