Goldman Sachs Real Estate Finance Trust Adds $500 Million Repurchase Facility With Scotiabank
The Scotiabank line carries a 25% parent guaranty that becomes full recourse only upon bankruptcy-related or separateness-breach events, and stockholders separately elected a seven-member board.
October 2, 2026
Goldman Sachs Real Estate Finance Trust has secured up to $500 million in new borrowing capacity through a master repurchase agreement with The Bank of Nova Scotia, adding another source of leverage for the commercial real estate lender's loan origination and acquisition activity.
REFT Stanton Street LLC, an indirect, wholly owned subsidiary of the trust, entered into the facility on September 28, with the Houston branch of Scotiabank acting as buyer. The facility will finance the subsidiary's acquisition and origination of commercial real estate loans that fit the trust's investment objectives and meet eligibility conditions set out in the agreement.
The trust was formed in March 2024 and is externally managed by Goldman Sachs & Co. LLC, with a strategy centered on originating senior secured, floating-rate commercial real estate loans.
Pricing and Term
Each advance will carry interest at one-month Term SOFR plus a spread set individually for each asset purchase. The facility has an initial maturity of September 28, 2029. The subsidiary may seek one additional one-year extension, which Scotiabank can grant or withhold at its sole discretion and which is subject to customary conditions.
The agreement also provides for a single term-out period that would push maturity out to the scheduled maturity date of the last outstanding financed asset. No new transactions could be added during that period.
Guaranty Capped at 25%
The trust has guaranteed the subsidiary's obligations up to a maximum of 25% of the outstanding purchase price, plus accrued and unpaid price differential, fees, costs and other amounts owed under the agreement. The same cap applies to the trust's liability for losses tied to customary bad-acts carve-out events.
The guaranty would become full recourse to the trust, without regard to the cap, if any of the following occur:
- a voluntary bankruptcy or insolvency filing by the subsidiary or the trust
- collusion in an involuntary bankruptcy filing
- a general assignment for the benefit of creditors
- a material breach of separateness covenants that results in substantive consolidation in a bankruptcy or insolvency proceeding
The agreement and guaranty also include financial covenants alongside customary representations, warranties, events of default and indemnities.
Board Elected, Auditor Ratified
Separately, stockholders at the trust's September 25 annual meeting elected seven directors to serve until the next annual meeting: James Garman, Jeffrey Fine, Richard Spencer, Glenn Rufrano, Gwendolyn Hatten Butler, Trisha Miller and Simon M. Turner. Each nominee received more than 6.3 million votes in favor and fewer than 41,000 votes against.
Stockholders also ratified PricewaterhouseCoopers LLP as the trust's independent registered public accounting firm for the year ending December 31, 2026. Holders of about 35.32% of the 18,982,268 shares entitled to vote were represented online or by proxy, satisfying the quorum requirement under the trust's bylaws.
