Cantor Fitzgerald Registers $1 Billion Debt-Focused REIT Offering

Global financial services firm Cantor Fitzgerald is launching another $1 billion non-traded real estate investment trust – Rodin Income Trust Inc. – according to a recent filing with the Securities and Exchange Commission. Cantor’s first non-traded REIT, Rodin Global Property Trust Inc., was declared effective by the SEC earlier this year.

Rodin Income Trust plans to invest in a portfolio of commercial real estate investments, including mortgage loans, subordinated mortgage and non-mortgage interests, preferred equity investments, and mezzanine loans. The company may also invest in commercial real estate securities and directly in properties.

According to the registration statement, the $1 billion offering consists of three share classes of common stock: Class A, Class T and Class I shares, as well as $250 million in distribution reinvestment plan shares. The minimum purchase is $2,500.

Class A shares are priced at $26.32 each and include a 6 percent selling commission and 3 percent dealer manager fee.

Class T shares are priced at $25.51 each and include a 3 percent selling commission, a 3 percent dealer manager fee, and a 1 percent distribution fee.

Class I shares are priced at $25.00 each and include a 1.5 percent dealer manager fee.

The REIT’s sponsor, Cantor Fitzgerald Investors LLC, has agreed to pay up to 4 percent of the underwriting compensation for Class A and Class T shares, consisting of a portion of the selling commissions (1 percent) and all of the dealer manager fees (3 percent).

For Class I shares, the sponsor agreed to pay the entire 1.5 percent dealer manager fee.

Class A and Class T shares are available to the general public, while Class I shares are available for purchase by institutional accounts, through bank-sponsored collective and common trusts, by retirement plans foundations or endowments.

Once the company conducts valuations, the board will adjust the offering prices of each class of shares to equal the most recent net asset value per share.

Cantor Fitzgerald & Co. will serve as the dealer manager for the offering.

Cantor Fitzgerald Investors is a wholly-owned subsidiary of Cantor Fitzgerald LP and develops and sponsors real estate investment products. Cantor Fitzgerald specializes in financial services, real estate services, and finance for institutional customers operating in the global financial and commercial real estate markets.

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