BrightSpire Capital has priced a $960m (£718.4m) commercial real estate (CRE) collateralised loan obligation (CLO).

The vehicle, named 2026-FL4 CLO, is backed by 29 property loans secured against 38 properties, BrightSpire said.

BrightSpire, a real estate investment trust predominantly focused on the US, said the CLO’s underlying collateral is located across 11 states and primarily consists of multifamily properties (94.2 per cent) and industrial properties (5.8 per cent).

Read more: BoA CLO head joins Barings

The loans are senior mortgages with floating interest rates, while the initial financing represents 88 per cent of the relevant loan-to-property value, the firm added.

“The successful execution of our fifth managed CRE CLO highlights the continuing strength of the platform and business objectives,” said Andy Witt, president and chief operating officer of BrightSpire Capital.

Read more: Fortress closes $900m CRE CLO

The CLO features a 30-month reinvestment period, with approximately $99m in available proceeds to be used within a six-month ramp-up period from closing.

The transaction is scheduled to close on 16 October.

Citigroup Global Markets acted as sole structuring agent for the CLO. Meanwhile, Citigroup Global Markets, Morgan Stanley & Co, JP Morgan Securities and Wells Fargo Securities acted as co-lead managers and joint bookrunners.

Read more: RBC BlueBay prices €400m European CLO reset