Global offshore law firm and governance services business, Mourant, has advised Greystone Bridge Lending Fund Manager LLC on its second CLO transaction for healthcare facilities, closing at approximately US$300million.

The issuer, a Cayman company, and the co-issuer, a Delaware company, are managed cash flow commercial real estate CLO vehicles and the transaction has been backed by first-lien commercial mortgages in healthcare facilities, skilled nursing facilities, assisted living facilities, and combination skilled nursing/assisted living facilities.

The transaction has a three year reinvestment period ending in September 2021, which includes a 120-day ramp period. At the closing date on 21 September 2018, the transaction already had over 80% of the assets fully identified and closed. The closing pool was collateralized by a pool of 20 commercial real estate loans in whole loans on 25 healthcare facilities.

The Mourant legal team, led out of the Cayman Islands, was headed by Cayman Managing Partner, Hayden Isbister, alongside Counsel Nathaniel Luker and Associate, Gemma Cowan who acted in conjunction with international law firm, Clifford Chance US LLP.  Mourant Governance Services is providing a number of on-going corporate and fiduciary services to the Cayman issuer vehicle, which is spearheaded by Mourant Governance Services Director, Peter Goulden, who is working alongside the legal team.

The Mourant team works regularly with clients on securitisation transactions covering a range of classes and structures.