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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