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Ladder Capital Corp., an investment grade-rated commercial real estate finance REIT, has raised a combined $675 million in new unsecured capital commitments to support its lending platform. The financing package consists of a $400 million expansion of Ladder’s unsecured revolving credit facility, bringing the revolver’s total capacity to $1.25 billion, and a new $275 million unsecured delayed draw term loan facility.
The company fully exercised the accordion feature on its existing revolving credit facility to complete the $400 million upsizing. In addition, the amended credit agreement introduces a new accordion option that permits Ladder to issue up to $500 million of additional term loans in the future, subject to lender support. The expanded revolving credit facility is priced at 125 basis points over SOFR, while the delayed draw term loan is priced at 140 basis points over SOFR.
The delayed draw term loan carries a fully extended maturity date of February 20, 2030, providing Ladder with long-dated, unsecured funding. The facility includes a draw period through February 20, 2027, allowing the REIT to access the term loan capital over time as needed. Both facilities feature step-down pricing tied to potential credit rating upgrades, aligning borrowing costs with Ladder’s credit profile over the life of the commitments.
Ladder indicated that it expects to deploy the new capital to back its growing commercial real estate loan origination pipeline. Since June 30, 2025, the company has originated more than $1.3 billion in loans, and management characterized the new facilities as strengthening its capacity to continue expanding originations and supporting client financing needs while targeting earnings growth for shareholders.
The financing attracted participation from a syndicate of 13 lenders. JPMorgan Chase Bank, N.A. serves as administrative agent and collateral agent on the amended facility. Participating lenders on the revolver include JPMorgan Chase Bank, N.A., Wells Fargo, Bank of America, M&T Bank, Société Générale, Citibank, U.S. Bank, Barclays, Citizens, The Huntington National Bank, Raymond James Bank, Deutsche Bank, and Pinnacle Bank. A subset of these institutions is providing commitments on the delayed draw term loan.
Kirkland & Ellis LLP acted as legal counsel to Ladder Capital in connection with the transaction. The combination of expanded revolving capacity, a new term loan, and the ability to issue additional term debt under the accordion feature gives Ladder added flexibility in managing its balance sheet and funding future commercial real estate lending activity.
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