LoanCore Realty Trust, a commercial mortgage REIT backed by Jefferies and GIC, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.
Of the 13 mortgage REITs that have gone public in the last five years, only the most recent - Jernigan Capital (JCAP) trades above its offer price.
The Greenwich, CT-based company, which was formed in 2013 and booked $8 million in revenue for the 12 months ended December 31, 2014, plans to list on the NYSE under the symbol LCRT. LoanCore Realty Trust initially filed confidentially on February 13, 2015. Deutsche Bank, J.P. Morgan, Morgan Stanley, BofA Merrill Lynch and Jefferies are the joint bookrunners on the deal. No pricing terms were disclosed.
