Waterfall Asset Management and Delaware Life Complete Refinancing of The Torrance in Southern California

Waterfall Asset Management and Delaware Life closed a $64.7 million loan facility to refinance The Torrance, a 301,000-square-foot Class A office property in Torrance, California.

Rhea-AI Summary

Waterfall Asset Management and Delaware Life closed a $64.7 million loan facility to refinance The Torrance, a 301,000-square-foot Class A office property in Torrance, California.

The eight-story building on 7.3 acres has a diversified tenant base, recent capital improvements to systems and amenities, and more than 1,200 parking spaces. The financing from Waterfall managed accounts and Delaware Life is intended to support the property’s leasing strategy, focused on long-term tenant renewals and leasing remaining space. Newmark’s Global Debt & Structured Finance team assisted in securing the financing.

Market Context

Before publication, RC's pre-headline 24-hour change was 3.55%, while no peers appeared in the momen...

Analysis

Before publication, RC's pre-headline 24-hour change was 3.55%, while no peers appeared in the momentum scanner. This frames the refinancing against stock-specific context; moderate short positioning and leasing progress remain risks to monitor.

Key Figures

Loan Facility: $64.7 million Property Size: 301,000 square feet Property Land Area: 7.3 acres +5 more

8 metrics

Loan Facility $64.7 million Refinancing The Torrance

Property Size 301,000 square feet The Torrance office property

Property Land Area 7.3 acres The Torrance site

Parking Spaces More than 1,200 spaces The Torrance property

Construction Year 1988 Original construction of The Torrance

Waterfall AUM Approximately $12.1 billion As of March 31, 2026

Group 1001 AUM $86.1 billion Combined assets under management as of March 31, 2026

Active Contracts and Policies Over 540,000 Group 1001 annuity contracts and life insurance policies

Historical Context

5 past events · Latest: Aug 19 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 19	Portfolio acquisition	Positive	+4.1%	Waterfall joined a $450 million acquisition of a Tri-State mixed-asset portfolio.
Aug 06	Q2 earnings	Negative	+10.3%	Ready Capital reported a $103.5 million GAAP net loss attributable to common stockholders.
Jul 31	Earnings scheduling	Neutral	+7.0%	Ready Capital scheduled its second-quarter results release and investor webcast.
Jul 30	SBA securitization	Positive	-1.4%	ReadyCap Lending completed a $145 million SBA 7(a) loan securitization.
Jun 23	Leadership appointment	Positive	+5.0%	Waterfall appointed James Cuby as Partner effective July 1, 2026.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Positive or operational announcements aligned with positive price reactions twice, while three historical events diverged from their stated sentiment.

Key Terms

asset-backed credit, whole loans, class a office property, hvac

4 terms

asset-backed credit financial

"focused on specialty finance opportunities within asset-backed credit, whole loans and real assets"

A financing arrangement in which a lender provides credit that is secured by a specific pool of underlying assets—such as loans, receivables, inventory, or property—so the lender can seize or collect those assets if the borrower defaults. For investors, asset-backed credit matters because the quality and liquidity of the pledged assets drive how risky the loan is and what yield it must offer; think of it as borrowing against a bundled set of collateral rather than just a single item.

whole loans financial

"asset-backed credit, whole loans and real assets"

Whole loans are complete debt contracts—such as a mortgage or commercial loan—that an investor or lender buys and holds on its own balance sheet rather than buying a share of many loans. They matter to investors because owning the whole loan gives you all the interest payments and the full risk of repayment, like owning a single rental property instead of a small share in a property fund, which affects expected yield, credit exposure and liquidity.

class a office property technical

"a 301,000-square-foot Class A office property located in Torrance, California"

A Class A office property is a top-tier commercial building in a desirable location, built or updated to modern standards with high-quality materials, professional management, and attractive amenities that draw well-established tenants and command higher rents. Like investing in a luxury car instead of an older model, Class A offices tend to hold value better, deliver steadier rental income and are easier to sell, making them a lower-risk, premium option for investors, though they require larger upfront capital and can be sensitive to economic shifts.

hvac technical

"recent upgrades to the building's elevator and HVAC systems"

HVAC stands for heating, ventilation and air conditioning — the systems that control temperature, airflow and indoor air quality in buildings. Investors care because HVAC drives operating costs, energy use, tenant comfort and regulatory compliance; like the engine and insulation of a building, efficient modern systems can lower bills, reduce repair and replacement spending, and preserve property value, while outdated units can create unexpected expenses and vacancy risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Sept. 3, 2026 /PRNewswire/ -- Waterfall Asset Management ("Waterfall"), an alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans and real assets, and Delaware Life today announced the closing of a $64.7 million loan facility, refinancing The Torrance, a 301,000-square-foot Class A office property located in Torrance, California.

The Torrance is an eight-story office property situated on approximately 7.3 acres. The property is currently leased to a diverse roster of tenants, including All Nippon Airways, Salon Republic, Barrister Executive Suites, Compass California, Unio Health Partners and Morgan Stanley Smith Barney.

The financing provided by Waterfall managed accounts and Delaware Life will support the in-place leasing strategy for the property, which is focused on securing long-term tenant renewals and leasing available space.

"The Torrance is a high-quality asset with strong occupancy, a diversified tenant base and a differentiated position within the South Bay office market," said Zachary Liebmann, Head of Commercial Real Estate at Waterfall Asset Management. "We are pleased to work alongside Delaware Life to provide a flexible financing solution and support the continued business plan for the property. We believe the transaction reflects our ability to structure capital solutions for experienced real estate owners and identify compelling opportunities where strong asset fundamentals can drive long-term value."

Originally constructed in 1988, The Torrance has benefited from significant investment and modernization, including recent upgrades to the building's elevator and HVAC systems, common areas, roof, amenities and exterior. The property also features a two-story glass-entry lobby, ground-floor café, fitness center and more than 1,200 parking spaces.

The property is centrally located in Torrance between West Los Angeles and Orange County and benefits from its proximity to Manhattan Beach, Palos Verdes and other coastal communities. The Torrance is adjacent to the Del Amo Fashion Center and serves a diverse tenant base within the broader South Bay market, which is home to a range of corporate, healthcare, aerospace and defense-related employers.

The Newmark Global Debt & Structured Finance team of Jordan Roeschlaub, Nick Scribani and Chris Lozinak assisted in securing the financing of The Torrance.

About Waterfall Asset Management, LLC
Waterfall Asset Management is an alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans, and real assets. Founded in 2005, the firm utilizes a relative value approach for sourcing and investing in the private and public markets, across 60+ sectors of the asset-based finance arena. Through this multi-sector specialization, Waterfall seeks to provide its clients a compelling risk/return profile which is generally uncorrelated to most traditional investment opportunities. Waterfall is also the external manager to Ready Capital Corporation (NYSE: RC), a multi-strategy real estate finance company and small business lender. Waterfall is headquartered in New York City, with additional offices in London and Dublin. As of March 31, 2026, Waterfall had approximately $12.1 billion in assets under management. To learn more, please visit www.waterfallam.com.

About Group 1001 
Group 1001 Insurance Holdings, LLC ("Group 1001 Insurance" or "Group 1001") is a collective that empowers companies to create positive growth. Our insurance and annuities are easy to understand and accessible to all. Our online investing platform gives individuals control over their savings. Our technology and innovation help companies succeed. And our strategic partnerships bring people together through education and sports. 

As of March 31, 2026, Group 1001 Insurance had more than 1,500 employees and combined assets under management of $86.1 billion and provides over 540,000 active annuity contracts and life insurance policies. It comprises the following brands: Delaware Life, Gainbridge^SM, Clear Spring Life and Annuity Company, Clear Spring Property and Casualty Group, and the RVI Group, among others.

About Delaware Life Insurance Company
Founded in 2013, Delaware Life Insurance Company ("Delaware Life") is a subsidiary of Group 1001 and currently provides over 370,000 active annuity and life insurance policies. Delaware Life's multi-asset investment management strategy spans the corporate, asset-backed and real estate sectors, with an emphasis on private, direct origination.

Media Contact
Prosek Partners
prowaterfallpr@prosek.com

View original content:https://www.prnewswire.com/news-releases/waterfall-asset-management-and-delaware-life-complete-refinancing-of-the-torrance-in-southern-california-302868289.html

SOURCE Waterfall Asset Management

FAQ

What transaction did Waterfall Asset Management and Delaware Life announce related to The Torrance?

Waterfall Asset Management and Delaware Life announced the closing of a $64.7 million loan facility to refinance The Torrance, a 301,000-square-foot Class A office property located in Torrance, California. The financing is intended to support the property’s ongoing leasing and tenant renewal strategy.

How large is The Torrance office property that was refinanced by Waterfall and Delaware Life?

The Torrance is a 301,000-square-foot, eight-story Class A office property situated on approximately 7.3 acres in Torrance, California. It features a two-story glass-entry lobby, ground-floor café, fitness center and more than 1,200 parking spaces.

What is the purpose of the $64.7 million refinancing of The Torrance?

The $64.7 million refinancing is intended to support the in-place leasing strategy for The Torrance. The company describes this strategy as focusing on securing long-term tenant renewals and leasing available space, leveraging the property’s occupancy levels and diversified tenant base.

Who are some of the key tenants at The Torrance office property?

The Torrance is leased to a diverse roster of tenants, including All Nippon Airways, Salon Republic, Barrister Executive Suites, Compass California, Unio Health Partners and Morgan Stanley Smith Barney. The tenancy spans corporate, professional services and healthcare-related users in the South Bay market.

Which firm advised on securing the financing for The Torrance refinancing?

The financing for The Torrance was assisted by the Newmark Global Debt & Structured Finance team. The team members named are Jordan Roeschlaub, Nick Scribani and Chris Lozinak, who helped arrange the $64.7 million loan facility.

What scale of assets under management does Waterfall Asset Management report in this announcement?

As of March 31, 2026, Waterfall Asset Management reports approximately $12.1 billion in assets under management. The firm focuses on specialty finance within asset-backed credit, whole loans and real assets and serves as external manager to Ready Capital Corporation (NYSE: RC).

How large are Group 1001 and Delaware Life in terms of policies and assets?

As of March 31, 2026, Group 1001 Insurance reports combined assets under management of $86.1 billion and over 540,000 active annuity and life insurance policies. Delaware Life, a Group 1001 subsidiary, provides over 370,000 active annuity and life insurance policies using a multi-asset investment strategy.