Goldman Sachs Real Estate Finance Trust Adds $500M Santander Repo Facility, Expanding Financing Capacity
By Staff
Goldman Sachs Real Estate Finance Trust Inc. has secured a second repurchase facility, entering into a $500 million agreement with Banco Santander, S.A.’s New York branch to finance the origination and acquisition of commercial real estate mortgage loans, according to a filing with the U.S. Securities and Exchange Commission on March 19, 2026.
The new facility is separate from, and adds to, the fund’s existing repurchase agreement with Citibank, N.A., which AltsWire reported was upsized to $750 million in May 2025 from its original $250 million limit established in January 2025. With the Santander facility now in place, GS REFT’s total committed repo capacity across its two facilities reaches at least $1.25 billion.
The Santander facility, established through REFT Spruce Street LLC, an indirect wholly owned subsidiary of GS REFT, provides up to $500 million in capacity and carries an initial three-year term maturing March 13, 2029. Santander may approve successive one-year extensions at its discretion, along with a single 12-month wind-down period. Advances accrue interest at one-month Term SOFR plus a spread negotiated per transaction.
The arrangement is an uncommitted master repurchase agreement — meaning Santander retains discretion to approve individual advances — under which REFT Spruce Street may sell eligible mortgage loans and senior participation interests to Santander and simultaneously commit to repurchase them at a future date, using the assets as collateral to generate liquidity for new originations. Eligible assets under the facility include individual mortgage loans as well as loans combined with mezzanine financing.
GS REFT provided a guaranty covering up to 25% of outstanding obligations under the facility. The guaranty becomes fully recourse to the company upon certain events, including voluntary bankruptcy filings, collusion in involuntary bankruptcy proceedings, or breach of separateness covenants. Standard “bad boy” carve-outs for actual losses caused by misconduct also apply.
The Santander facility is the latest step in GS REFT’s rapid financing buildout. As AltsWire reported in May 2025, the fund tripled the capacity of its Citibank repurchase facility — through subsidiary REFT Charles Street LLC — from $250 million to $750 million, while simultaneously disclosing a series of new loan originations across industrial, multifamily and self-storage properties in California, Colorado, North Carolina and Texas.
GS REFT is a private, non-exchange traded REIT formed in March 2024 and externally managed by Goldman Sachs Asset Management Real Estate, a unit of Goldman Sachs & Co. LLC (NYSE: GS). The fund targets current income and risk-adjusted returns by originating primarily floating rate senior secured loans collateralized by commercial real property, with selective exposure to B notes and mezzanine loans. The fund conducts its offering on a private placement basis under Reg D and has been raising capital through a private offering that closed its initial tranche in January 2025.
GS REFT’s primary offering is structured with a $1 billion offering capacity and an additional $250 million through its distribution reinvestment plan. Goldman Sachs & Co. LLC serves as placement agent.
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