We also completed the purchase on a new issue, five-year fix, Freddie Mac B-Piece opportunity with extremely attractive specs. The overall securitization has a 59% LTV, a 1.34 DSCR and a diverse geographical footprint. The B-Piece will pay an all-in unlevered fixed rate of 9.75%, with modest leverage, we expect to generate a mid-team levered return on a very desirable collateral pool. The company has also purchased new issue SFR ABS paper in the gross amount of approximately $44 million and prudently leveraged to achieve low-to-mid double-digit returns on a low LTV, high cash flowing, stabilized SFR property pool. Lastly, and Matt McGraner will touch more on this exciting investment during his prepared remarks, the company closed on a $218 million drawable first mortgage life science loan this past January.
This specific loan carries an attractive 27% attachment point on current as-is appraisal valuation and provides SOFR plus 900 pricing. On the disposition loan repayment side, as mentioned, we received approximately $500 million gross financing and around $60 million in net of financing on the portfolio’s SFR — on the portfolio’s largest SFR loan was repaid in full and a few smaller SFR loans generating attractive overall IRR for investors. At the end of the quarter, we maintain a cautious approach to our repo financing with leverage standing at approximately 63% loan-to-value. We consistently engage in communication with our repo lending partners discussing the market conditions and status [Technical Difficulty] attractive investment opportunities throughout our target markets and asset classes.
We will continue to evaluate these opportunities with the goal of delivering value to our shareholders. We maintain a strong belief in the resilience of the [Technical Difficulty] over for questions. I’d like to turn it over to Matt McGraner.
Matt McGraner: Thank you, Paul. As he just mentioned, [Technical Difficulty] relative basis, our portfolio continues to perform very well and despite short-term supply challenges in multifamily, underlying performance in multi-SFR, storage and life sciences remain relatively stable. As we announced last quarter, and as Brian mentioned, we have successfully launched an NREF Series B preferred and to-date [Technical Difficulty] we expect to increase cash available for distribution by 15% to 20% over the next 12 months. The life science loan originated in January that Paul mentioned will alone provide $200 million of fundings over the next 12 months. We expect to fund — we expect to match fund draws on this investment with proceeds from our Series B raise, providing maximum accretion to shareholders.
In addition, the large SFR loan payoff will create additional capital to deploy into our $300 million plus investment pipeline, but it also de-levers us by a full turn and now sit below 2 times leverage, the lowest of any commercial mortgage rate. This de-levering creates additional optionality in terms of sources of capital to the extent we wanted to re-leverage some of the balance sheet and to fund opportunistic investments. To close, we’re excited about these opportunities [Technical Difficulty] with the company’s continued stability and the opportunity to go on offense in this environment. As always, I want to thank the team for their hard work. And now I’d like to turn the call over to the Operator for questions.
Operator: [Operator Instructions] Your first questions from the line of Crispin Love with Piper Sandler. Please go ahead.
Crispin Love: Thanks. Good morning, everyone. First, can you talk about some of the opportunities that you’ve already begun to see or expect to see over the next several quarters in bridge multifamily? Have you started offering pref or mezz to borrowers in that space, and just how is that progressive or progressing? Are borrowers seeking you out, are you working with other lenders to help and do you expect this to be a key way for borrowers to get agency takeouts down the road?
Matt McGraner: Yeah. Hey, Crispin. It’s Matt. Great question. We have started seeing both portfolio deals and individual one-off deals seeking for cash-in refinancing dollars, both on the agency and on the CRE CLO side. Borrowers are seeking money to fund replacement caps. They’re seemingly okay with being diluted, seemingly okay with the terms we’re providing in terms of risk mitigation and mezz and liens and the ability to take over the asset. They’re being realistic as well on cap rates, so we’re getting a better debt yield than we otherwise normally would. We have $300 million of investment pipeline. I would consider this to be an additional $100 million to $150 million opportunity for us this year and they’re beginning to come more fast and furious than they were in the fourth quarter.
Crispin Love: Okay. And just in this strategy of operating a pref or mezz to borrowers, I find it very interesting, but what do you view as kind of the key risks here as these borrowers are likely strapped with high LTVs and low DSCRs? So I’m curious what kind of LTVs you’re coming in at and just if there’s any risk that you think in this strategy?
Matt McGraner: Yeah. We — I mean, we’re going to make sure that we can prime enough equity such that we can own the asset at an in-place cap rate that we think we can either sell the asset or refi into agency. Now, candidly, some of those are few and far between and we haven’t hit on one yet, but we are underwriting. We will target to be no more than probably 80% of the stack on as-is value today. The structure of the investment, because of the cash flows, certainly in 2024, given supply will be challenged. We’ll probably carry a little bit more of a lower current pay. But the all-in pricing on that can still reach mid-teens. So we’re selective. Again, we haven’t necessarily hit on one yet, but we are seeing opportunities come in the door on a daily basis from sponsors, from the large commercial real estate services companies, investment banks, et cetera. So we do expect to be active this year in that strategy.
Crispin Love: Great. Thank you. That all makes sense, Matt. And then just one last question for me, just on the accelerated amortization of the premium with the prepayment on the senior loan you mentioned in the first quarter, which I think you expect to drive the negative EAD in the quarter. Can you give any more detail there? What drove the prepayment on that SFR loan, is there– and is there anything out of the ordinary with that loan or borrower specifically?
