Milbank LLP advised Owl Rock Capital Corporation (“Owl Rock”) as administrative agent and collateral agent, and ORCA I LLC, as sole lead arranger and sole bookrunner, in connection with a senior secured term loan facility provided by Owl Rock to Velocity Commercial Capital, LLC (“Velocity”), the proceeds of which were used to redeem existing debt of Velocity and to purchase existing preferred equity of Velocity’s parent.
Velocity is a vertically integrated real estate finance specialist that provides innovative financing solutions for 1–4 unit residential rental properties and small commercial properties since 2004.
The Milbank Global Leveraged Finance team was led by partner Charles Stern and included associates Faridat Arogundade and Lindsey Kell.
