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New York Mortgage Trust Arranges Three Year Repo Financing Secured By Multifamily CMBS

Stocks in this article: NYMT

NEW YORK, Nov. 22, 2013 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq:NYMT) ("NYMT" or the "Company") announced today its entry, through a wholly-owned subsidiary, into a master repurchase agreement with a three-year term for the purpose of financing certain commercial mortgage-backed securities collateralized by multifamily mortgage loans owned by the Company ("Multifamily CMBS"). The Company received gross cash proceeds of approximately $56 million before deducting expenses associated with the transaction.

Steven R. Mumma, the Company's Chief Executive Officer and President, commented: "The Company is pleased with its completion of a structured financing of certain of its Freddie Mac K-Series securities. This financing will reduce our reliance on short term borrowings and working capital to fund these assets. Our continued efforts to securitize both our distressed loan portfolio and portions of our CMBS portfolio reduce the Company's reliance on banking system liquidity."

Pursuant to the terms of the master repurchase agreement, RB Commercial Mortgage LLC (the "Seller"), a wholly-owned subsidiary of NYMT, transferred Multifamily CMBS having an estimated aggregate market value of approximately $93 million to New York Mortgage Securitization Trust 2013-1 (the "Issuer"), a special purpose entity, in exchange for the proceeds set forth above. The proceeds of the transaction to NYMT were generated from the Issuer's concurrent private placement of approximately $56 million of notes pursuant to an indenture (the "Notes").

The Notes bear interest that is payable monthly at a per annum rate equal to one-month LIBOR plus 5.25%. The Notes and the financing under the master repurchase agreement are scheduled to mature in November 2017, at which time the Issuer will transfer the Multifamily CMBS serving as collateral back to the Seller upon repayment of the outstanding principal balance of the Notes. All income received on the Multifamily CMBS during the term of the master repurchase agreement will be applied to pay any price differential and to reduce the aggregate repurchase price of the collateral under the master repurchase agreement. In connection with the transaction, NYMT agreed to guarantee the due and punctual payment of the Seller's obligations under the master repurchase agreement.

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