Exhibit 21.1

List of Subsidiaries



|                                                                   |  |                                  |  |                       
|------------------------------------------------------------------ |  | -------------------------------- |  | ----------------------
|Name of Subsidiary                                                 |  | State of Incorporation/Formation |  | Other Names Used      
|901 King Street Associates                                         |  | Pennsylvania                     |  |                       
|990 Stewart Avenue Investors, LLC                                  |  | Delaware                         |  |                       
|6006 Executive Boulevard, LLC                                      |  | Maryland                         |  |                       
|Amarillo Dunhill, LLC                                              |  | Delaware                         |  |                       
|Bear Stearns ARM Trust 2005-9                                      |  | Delaware                         |  |                       
|Bear Stearns ARM Trust 2005-7                                      |  | Delaware                         |  |                       
|Braden Lakes Member, LLC                                           |  | Delaware                         |  |                       
|Broadstone I Partner, LLC                                          |  | Delaware                         |  |                       
|Buckner-Beckley, L.L.C.                                            |  | Texas                            |  |                       
|Chestnut Street Properties I LLC                                   |  | Tennessee                        |  |                       
|Citigroup Mortgage Loan Trust 2005-11                              |  | Delaware                         |  |                       
|Cornerstone Member, LLC                                            |  | Washington                       |  |                       
|CWABS Trust 2005 HYB9                                              |  | Delaware                         |  |                       
|Diversified Historic Investors III: Lincoln Court Apartments Trust |  | Pennsylvania                     |  |                       
|E Pointe Properties I, Ltd.                                        |  | Texas                            |  |                       
|First Wyoming Plaza, LLC                                           |  | Illinois                         |  |                       
|Merrill Lynch Mortgage Investors Trust, Series 2005-A9             |  | Delaware                         |  |                       
|NP Dunhill, Ltd.                                                   |  | Texas                            |  |                       
|OSEB GP, Inc.                                                      |  | Delaware                         |  |                       
|RAIT 175 Remsen, LLC                                               |  | Delaware                         |  |                       
|RAIT-401 Michigan, LLC                                             |  | Delaware                         |  |                       
|RAIT 500 Michigan, LLC                                             |  | Delaware                         |  |                       
|RAIT Advisors, Inc.                                                |  | Delaware                         |  |                       
|RAIT Amarillo, LLC                                                 |  | Delaware                         |  |                       
|RAIT Asset Holdings, LLC                                           |  | Delaware                         |  |                       
|RAIT Atria, LLC                                                    |  | Delaware                         |  |                       
|RAIT Braden Lakes, LLC                                             |  | Delaware                         |  |                       
|RAIT Broadstone, Inc.                                              |  | Delaware                         |  |                       
|RAIT Buckner, LLC                                                  |  | Delaware                         |  |                       
|RAIT Capital Corp.                                                 |  | Delaware                         |  | Pinnacle Capital Group
|RAIT Carter Oak, LLC                                               |  | Delaware                         |  |                       
|RAIT Cornerstone, LLC                                              |  | Delaware                         |  |                       
|RAIT CRE CDO I, LLC                                                |  | Delaware                         |  |                       
|RAIT CRE CDO I, Ltd.                                               |  | Cayman Islands                   |  |                       
|RAIT CRE CDO II, Ltd.                                              |  | Cayman Islands                   |  |                       
|RAIT Eastfield, LLC                                                |  | Delaware                         |  |                       
|RAIT Emerald Pointe, Inc.                                          |  | Delaware                         |  |                       
|RAIT Enterprises, LLC                                              |  | Delaware                         |  |                       
|RAIT Executive Boulevard, LLC                                      |  | Delaware                         |  |                       
|RAIT Executive Mews Manager I, Inc.                                |  | Delaware                         |  |                       
|RAIT Executive Mews Manager II, Inc.                               |  | Delaware                         |  |                       
|RAIT Executive Mews Manager III, Inc.                              |  | Delaware                         |  |                       
|RAIT Finance I, LLC                                                |  | Delaware                         |  |                       
|RAIT Firehouse, LLC                                                |  | Delaware                         |  |                       
|RAIT General, Inc.                                                 |  | Maryland                         |  |                       
|RAIT Highland Club, Inc.                                           |  | Delaware                         |  |                       
|RAIT Highland Club, LLC                                            |  | Delaware                         |  |                       
|RAIT Limited, Inc.                                                 |  | Maryland                         |  |                       
|RAIT Lincoln Court, LLC                                            |  | Delaware                         |  |                       
|RAIT McDowell, LLC                                                 |  | Delaware                         |  |                       
|RAIT Milwaukee, LLC                                                |  | Delaware                         |  |                       
|RAIT North Park, LLC                                               |  | Delaware                         |  |                       
|RAIT Old Town, LLC                                                 |  | Delaware                         |  |                       
|RAIT Preferred Holdings I, LLC                                     |  | Delaware                         |  |                       
|RAIT Preferred Holdings II, LLC                                    |  | Delaware                         |  |                       





---

|                                    |  |                |  | 
|----------------------------------- |  | -------------- |  | 
|RAIT Rogers Plaza, LLC              |  | Delaware       |  | 
|RAIT Rohrerstown, L.P.              |  | Pennsylvania   |  | 
|RAIT SLH, L.P.                      |  | Pennsylvania   |  | 
|RAIT SAAR Company, LLC              |  | Delaware       |  | 
|RAIT Sabel Key Manager, Inc.        |  | Delaware       |  | 
|RAIT Towne Square, LLC              |  | Delaware       |  | 
|RAIT Ventures, LLC                  |  | Delaware       |  | 
|RAIT Wauwatosa, LLC                 |  | Delaware       |  | 
|REM-Cherry Hill, LLC                |  | New Jersey     |  | 
|REM-Willow Grove, Inc.              |  | Pennsylvania   |  | 
|REM-Willow Grove, L.P.              |  | Pennsylvania   |  | 
|Rutherford Plaza Manager, Inc.      |  | Delaware       |  | 
|SAAR Company, LLC                   |  | Delaware       |  | 
|Sable Key Southwest, LLC            |  | Delaware       |  | 
|TS Dunhill, Ltd.                    |  | Texas          |  | 
|Taberna Capital Management, LLC     |  | Delaware       |  | 
|Taberna Capital (Bermuda) Ltd       |  | Bermuda        |  | 
|Taberna Equity Funding, Ltd         |  | Cayman Islands |  | 
|Taberna Funding LLC                 |  | Delaware       |  | 
|Taberna Loan Holdings I, LLC        |  | Delaware       |  | 
|Taberna Loan Holdings II, LLC       |  | Delaware       |  | 
|Taberna Preferred Funding II, Ltd   |  | Cayman Islands |  | 
|Taberna Preferred Funding III, Ltd  |  | Cayman Islands |  | 
|Taberna Preferred Funding IV, Ltd   |  | Cayman Islands |  | 
|Taberna Preferred Funding V, Ltd    |  | Cayman Islands |  | 
|Taberna Preferred Funding VI, Ltd   |  | Cayman Islands |  | 
|Taberna Preferred Funding VII, Ltd. |  | Cayman Islands |  | 
|Taberna Real Estate CDO I, Ltd      |  | Cayman Islands |  | 
|Taberna Realty Finance Trust        |  | Maryland       |  | 
|Taberna Realty Holdings Trust       |  | Maryland       |  | 
|Taberna Securities, LLC             |  | Delaware       |  | 
|Taberna Securities (UK) Ltd         |  | United Kingdom |  | 
|Wauwatosa Reserve Partners I LLC    |  | Georgia        |  | 
|Zeller-401 RAIT, L.L.C.             |  | Delaware       |  | 
|Zeller-500 RAIT, L.L.C.             |  | Delaware       |  |