Ready Capital $471 million acquisition of Mosaic Funds
We are advising Wells Fargo as financial adviser to Ready Capital
Davis Polk is advising Wells Fargo Securities, LLC as financial adviser to Ready Capital Corporation (“Ready Capital”) in connection with its acquisition of three privately held, real estate structured finance opportunities funds (the “Mosaic Funds”) managed by MREC Management, LLC (“Mosaic”), valued at approximately $471 million. The transaction is subject to customary closing conditions, including approval by the stockholders of Ready Capital and the equityholders of the Mosaic Funds, and is expected to close in during the first quarter of 2022.
Ready Capital is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Mosaic, an SEC registered investment adviser, was created by Ethan Penner to serve as the investment adviser to certain private funds and managed accounts, including the Mosaic Funds.
The Davis Polk corporate team includes partners Phillip R. Mills and Cheryl Chan and associate Ryan Olson. All members of the Davis Polk team are based in the New York office.