Skadden, Sullivan Steer REIT's $600M Private Investment Deal

Law360 (May 20, 2020, 4:27 PM EDT) -- Real estate investment trust New Residential said Wednesday it raised $600 million from private investors to help repay debt and cover general corporate costs in a private investment in public equity deal steered by Skadden Arps Slate Meagher & Flom LLP and Sullivan & Cromwell LLP.

New Residential Investment Corp. said it entered a senior secured loan agreement with California-headquartered investor Canyon Partners LLC and credits funds managed by Fortress Investment Group LLC affiliates. New York-based New Residential is publicly traded but is itself managed by a Fortress affiliate, according to its website.

"This partnership with Canyon and Fortress provides us...

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