RAIT Financial Trust expects to close a $219.4-million bond backed by commercial real estate loans on Oct. 29, according to a release from the publicly trade REIT.

The deal is split into different tranches.

Investment-grade notes total $181.3 million and priced at Libor plus 175 basis points.

RAIT affiliates will retain all the remaining notes, which collectively add up to $38.1 million.

The release did not provide ratings on the tranches or say which agencies rated them.

UBS Securities and Citigroup Global Markets were co-leads and joint bookrunners on the deal.  

RAIT’s primary line of business is lending to and owning commercial real estate properties throughout the U.S. As of March 31, 2014, the REIT had $5.1 billion in assets under management. 

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