Exhibit 21.1

RAIT Financial Trust

Subsidiaries at February 23,
2010



|                                       |  |                       |  |          
|-------------------------------------- |  | --------------------- |  | ---------
|Entity Name                            |  | Domestic Jurisdiction |  | DBA Names
|                                       |  |                      
|1805 Old Alabama Road, LLC             |  | Georgia               |  |          
|                                       |  |                      
|1805 Old Alabama Road Manager, LLC     |  | Georgia               |  |          
|                                       |  |                      
|210-218 The Promenade North LLC        |  | California            |  |          
|                                       |  |                      
|Apartments of Mandalay Bay, LLC        |  | Delaware              |  |          
|                                       |  |                      
|Aslan Centerpoint, LLC                 |  | Kentucky              |  |          
|                                       |  |                      
|Aslan Chalkville, LLC                  |  | Kentucky              |  |          
|                                       |  |                      
|Aslan Terrace, LLC                     |  | Kentucky              |  |          
|                                       |  |                      
|Autumn Grove Apartments Illinois, LLC  |  | Delaware              |  |          
|                                       |  |                      
|Autumn Grove Member, LLC               |  | Delaware              |  |          
|                                       |  |                      
|Beachcomber Florida, LLC               |  | Delaware              |  |          
|                                       |  |                      
|Belle Creek Apartments Colorado, LLC   |  | Delaware              |  |          
|                                       |  |                      
|Belle Creek, LLC                       |  | Delaware              |  |          
|                                       |  |                      
|Belle Creek Member, LLC                |  | Delaware              |  |          
|                                       |  |                      
|Boca Yamato, LLC                       |  | Delaware              |  |          
|                                       |  |                      
|Burton Holdings, LLC                   |  | Delaware              |  |          
|                                       |  |                      
|Cardinal Florida, LLC                  |  | Delaware              |  |          
|                                       |  |                      
|Colonial Parc Apartments Arkansas, LLC |  | Delaware              |  |          



---

|                                             |  |              |  | 
|-------------------------------------------- |  | ------------ |  | 
|                                             |  |             
|Colonial Parc Member, LLC                    |  | Delaware     |  | 
|                                             |  |             
|Copper Mill Member, LLC                      |  | Delaware     |  | 
|                                             |  |             
|CP/GP, Inc.                                  |  | Pennsylvania |  | 
|                                             |  |             
|Creeks at Copper Hills Apartments Texas, LLC |  | Delaware     |  | 
|                                             |  |             
|Creekstone Colony Lakes Member, LLC          |  | Delaware     |  | 
|                                             |  |             
|Crestmont Apartments Georgia, LLC            |  | Delaware     |  | 
|                                             |  |             
|Crestmont Member, LLC                        |  | Delaware     |  | 
|                                             |  |             
|Cumberland Glen Apartments Georgia, LLC      |  | Delaware     |  | 
|                                             |  |             
|Cumberland Member, LLC                       |  | Delaware     |  | 
|                                             |  |             
|Daytona Florida, LLC                         |  | Delaware     |  | 
|                                             |  |             
|Del Aire Florida, LLC                        |  | Delaware     |  | 
|                                             |  |             
|Desert Wind Apartments Arizona, LLC          |  | Delaware     |  | 
|                                             |  |             
|Desert Wind, LLC                             |  | Delaware     |  | 
|                                             |  |             
|Desert Wind Member, LLC                      |  | Delaware     |  | 
|                                             |  |             
|Eagle Ridge Apartments California, LLC       |  | Delaware     |  | 
|                                             |  |             
|Eagle Ridge, LLC                             |  | Delaware     |  | 
|                                             |  |             
|Eagle Ridge Member, LLC                      |  | Delaware     |  | 
|                                             |  |             
|Embark On Burton LLC                         |  | Delaware     |  | 
|                                             |  |             
|Emerald Bay Apartments Nevada, LLC           |  | Delaware     |  | 



---

|                                                     |  |          |  |                                    
|---------------------------------------------------- |  | -------- |  | -----------------------------------
|                                                     |  |         
|Emerald Bay Manager, LLC                             |  | Delaware |  |                                    
|                                                     |  |         
|Emerald Bay Member, LLC                              |  | Delaware |  |                                    
|                                                     |  |         
|Executive Center Member, LLC                         |  | Delaware |  |                                    
|                                                     |  |         
|Executive Center Wisconsin, LLC                      |  | Delaware |  |                                    
|                                                     |  |         
|Grand Terrace Apartments California, LLC             |  | Delaware |  |                                    
|                                                     |  |         
|Grand Terrace, LLC                                   |  | Delaware |  |                                    
|                                                     |  |         
|Grand Terrace Member, LLC                            |  | Delaware |  |                                    
|                                                     |  |         
|Heritage Trace Apartments Virginia, LLC              |  | Delaware |  |                                    
|                                                     |  |         
|Heritage Trace Member, LLC                           |  | Delaware |  |                                    
|                                                     |  |         
|ICP 3400, LLC (n/k/a McDowell Mountain Arizona, LLC) |  | Delaware |  |                                    
|                                                     |  |         
|Jupiter Communities, LLC                             |  | Delaware |  | Jupiter Communities, LLC (Delaware)
|                                                     |  |         
|Lafayette English Apartments, LP                     |  | Texas    |  |                                    
|                                                     |  |         
|Lafayette English GP. LLC                            |  | Delaware |  |                                    
|                                                     |  |         
|Lafayette English Partner, LLC                       |  | Delaware |  |                                    
|                                                     |  |         
|Lafayette English Member, LLC                        |  | Delaware |  |                                    
|                                                     |  |         
|Las Vistas Apartments Arizona, LLC                   |  | Delaware |  |                                    
|                                                     |  |         
|Las Vistas, LLC                                      |  | Delaware |  |                                    
|                                                     |  |         
|Las Vistas Member, LLC                               |  | Delaware |  |                                    
|                                                     |  |         
|Lexington Mill Mississippi Member, LLC               |  | Delaware |  |                                    



---

|                                      |  |          |  | 
|------------------------------------- |  | -------- |  | 
|                                      |  |         
|Lexington Mill Mississippi Owner, LLC |  | Delaware |  | 
|                                      |  |         
|Long Beach Promenade Holdings, LLC    |  | Delaware |  | 
|                                      |  |         
|Madison Park Apartments Indiana, LLC  |  | Delaware |  | 
|                                      |  |         
|Madison Park Member, LLC              |  | Delaware |  | 
|                                      |  |         
|Mandalay Member, LLC                  |  | Delaware |  | 
|                                      |  |         
|MGS Florida, LLC                      |  | Delaware |  | 
|                                      |  |         
|Mineral Center Colorado, LLC          |  | Delaware |  | 
|                                      |  |         
|Mineral Center Member, LLC            |  | Delaware |  | 
|                                      |  |         
|Murrells Retail Associates, LLC       |  | Delaware |  | 
|                                      |  |         
|Murrells Retail Holdings, LLC         |  | Delaware |  | 
|                                      |  |         
|New Stonecrest Preferred, LLC         |  | Delaware |  | 
|                                      |  |         
|North Park Place Owner A, LLC         |  | Delaware |  | 
|                                      |  |         
|North Park Place Owner B, LLC         |  | Delaware |  | 
|                                      |  |         
|North Park Place Owner C, LLC         |  | Delaware |  | 
|                                      |  |         
|Orchid Tree Arizona, LLC              |  | Delaware |  | 
|                                      |  |         
|Orchid Tree Member, LLC               |  | Delaware |  | 
|                                      |  |         
|OSEB GP, Inc.                         |  | Delaware |  | 
|                                      |  |         
|Oyster Point Apartments Virginia, LLC |  | Delaware |  | 
|                                      |  |         
|Oyster Point Member, LLC              |  | Delaware |  | 



---

|                                    |  |          |  | 
|----------------------------------- |  | -------- |  | 
|                                    |  |         
|Penny Lane Apartments Arizona, LLC  |  | Delaware |  | 
|                                    |  |         
|Penny Lane Manager, LLC             |  | Delaware |  | 
|                                    |  |         
|Penny Lane Member, LLC              |  | Delaware |  | 
|                                    |  |         
|Pepper Mill Mississippi Member, LLC |  | Delaware |  | 
|                                    |  |         
|Pepper Mill Mississippi Owner, LLC  |  | Delaware |  | 
|                                    |  |         
|Perkins Member, LLC                 |  | Delaware |  | 
|                                    |  |         
|PRG-RAIT Portfolio Member, LLC      |  | Delaware |  | 
|                                    |  |         
|RAIT-401 Michigan, LLC              |  | Delaware |  | 
|                                    |  |         
|RAIT 500 Michigan, LLC              |  | Delaware |  | 
|                                    |  |         
|RAIT Amarillo, LLC                  |  | Delaware |  | 
|                                    |  |         
|RAIT Aslan Centerpoint, LLC         |  | Delaware |  | 
|                                    |  |         
|RAIT Aslan Chalkville, LLC          |  | Delaware |  | 
|                                    |  |         
|RAIT Aslan Terrace, LLC             |  | Delaware |  | 
|                                    |  |         
|RAIT Asset Holdings II, LLC         |  | Delaware |  | 
|                                    |  |         
|RAIT Asset Holdings II Member, LLC  |  | Delaware |  | 
|                                    |  |         
|RAIT Asset Holdings, LLC            |  | Delaware |  | 
|                                    |  |         
|Rait Asset Management, LLC          |  | Delaware |  | 
|                                    |  |         
|RAIT Atria, LLC                     |  | Delaware |  | 
|                                    |  |         
|RAIT Braden Lakes, LLC              |  | Delaware |  | 



---

|                                      |  |                |  | 
|------------------------------------- |  | -------------- |  | 
|                                      |  |               
|RAIT Broadstone, Inc.                 |  | Delaware       |  | 
|                                      |  |               
|RAIT Capital Corp.                    |  | Delaware       |  | 
|                                      |  |               
|RAIT Capital Limited                  |  | Ireland        |  | 
|                                      |  |               
|RAIT Cornerstone, LLC                 |  | Delaware       |  | 
|                                      |  |               
|RAIT CRE CDO I, LLC                   |  | Delaware       |  | 
|                                      |  |               
|RAIT CRE CDO I, Ltd.                  |  | Cayman Islands |  | 
|                                      |  |               
|RAIT CRE Holdings, LLC                |  | Delaware       |  | 
|                                      |  |               
|RAIT-CVI III Belle Creek, LLC         |  | Delaware       |  | 
|                                      |  |               
|RAIT-CVI III, LLC                     |  | Delaware       |  | 
|                                      |  |               
|RAIT Equity Holdings I, LLC           |  | Delaware       |  | 
|                                      |  |               
|RAIT Executive Mews Manager III, Inc. |  | Delaware       |  | 
|                                      |  |               
|RAIT Executive Mews Manager II, Inc.  |  | Delaware       |  | 
|                                      |  |               
|RAIT Executive Mews Manager I, Inc.   |  | Delaware       |  | 
|                                      |  |               
|RAIT Financial Trust                  |  | Maryland       |  | 
|                                      |  |               
|RAIT General, Inc.                    |  | Maryland       |  | 
|                                      |  |               
|RAIT-Hartford, L.L.C.                 |  | Delaware       |  | 
|                                      |  |               
|RAIT Jupiter Holdings, LLC            |  | Delaware       |  | 
|                                      |  |               
|RAIT Loan Acquisitions I, LLC         |  | Delaware       |  | 
|                                      |  |               
|RAIT Limited, Inc.                    |  | Maryland       |  | 



---

|                                |  |                |  | 
|------------------------------- |  | -------------- |  | 
|                                |  |               
|RAIT Lincoln Court, LLC         |  | Delaware       |  | 
|                                |  |               
|RAIT McDowell, LLC              |  | Delaware       |  | 
|                                |  |               
|RAIT Milwaukee, LLC             |  | Delaware       |  | 
|                                |  |               
|RAIT-Neenah, L.L.C.             |  | Delaware       |  | 
|                                |  |               
|RAIT North Park, LLC            |  | Delaware       |  | 
|                                |  |               
|RAIT North Park Place, LLC      |  | Delaware       |  | 
|                                |  |               
|RAIT Old Alabama Road, LLC      |  | Georgia        |  | 
|                                |  |               
|RAIT Old Town Investor, LLC     |  | Delaware       |  | 
|                                |  |               
|RAIT Partnership, L.P.          |  | Delaware       |  | 
|                                |  |               
|RAIT Preferred Funding II, LLC  |  | Delaware       |  | 
|                                |  |               
|RAIT Preferred Funding II, Ltd  |  | Cayman Islands |  | 
|                                |  |               
|RAIT Preferred Holdings II, LLC |  | Delaware       |  | 
|                                |  |               
|RAIT Preferred Holdings I, LLC  |  | Delaware       |  | 
|                                |  |               
|RAIT-PRG Member, LLC            |  | Delaware       |  | 
|                                |  |               
|RAIT Promontory Point, LLC      |  | Delaware       |  | 
|                                |  |               
|RAIT Quito-B, LLC               |  | Delaware       |  | 
|                                |  |               
|RAIT Quito-C, LLC               |  | Delaware       |  | 
|                                |  |               
|RAIT Reuss B Member, LLC        |  | Delaware       |  | 
|                                |  |               
|RAIT Reuss C Member, LLC        |  | Delaware       |  | 



---

|                                  |  |                |  | 
|--------------------------------- |  | -------------- |  | 
|                                  |  |               
|RAIT Reuss D Member, LLC          |  | Delaware       |  | 
|                                  |  |               
|RAIT Reuss Federal Plaza, LLC     |  | Delaware       |  | 
|                                  |  |               
|RAIT Rogers Plaza, LLC            |  | Delaware       |  | 
|                                  |  |               
|RAIT Rohrerstown, L.P.            |  | Pennsylvania   |  | 
|                                  |  |               
|RAIT Rutherford A, LLC            |  | Delaware       |  | 
|                                  |  |               
|RAIT SAAR Company, LLC            |  | Delaware       |  | 
|                                  |  |               
|RAIT Sabel Key Manager, Inc.      |  | Delaware       |  | 
|                                  |  |               
|RAIT Securities, LLC              |  | Delaware       |  | 
|                                  |  |               
|RAIT Securities (UK) Ltd.         |  | United Kingdom |  | 
|                                  |  |               
|RAIT SLH, Inc.                    |  | Pennsylvania   |  | 
|                                  |  |               
|RAIT Stone Creek, LLC             |  | Delaware       |  | 
|                                  |  |               
|RAIT Stone Creek Preferred, LLC   |  | Delaware       |  | 
|                                  |  |               
|RAIT Stonecrest, LLC              |  | Delaware       |  | 
|                                  |  |               
|RAIT Towne Square, LLC            |  | Delaware       |  | 
|                                  |  |               
|RAIT-Two Rivers, L.L.C.           |  | Delaware       |  | 
|                                  |  |               
|RAIT Urban Holdings, LLC          |  | Delaware       |  | 
|                                  |  |               
|RAIT Willow Creek Apartments, LLC |  | Delaware       |  | 
|                                  |  |               
|RCMBS Investors I, LLC            |  | Delaware       |  | 
|                                  |  |               
|Regency Meadows, LLC              |  | Delaware       |  | 



---

|                                     |  |              |  |                                    
|------------------------------------ |  | ------------ |  | -----------------------------------
|                                     |  |             
|Regency Meadows Nevada, LLC          |  | Nevada       |  |                                    
|                                     |  |             
|Regency Meadows Nevada Member, LLC   |  | Nevada       |  |                                    
|                                     |  |             
|REM-Cherry Hill, LLC                 |  | New Jersey   |  |                                    
|                                     |  |             
|Remington Florida, LLC               |  | Delaware     |  |                                    
|                                     |  |             
|Remington Florida Member, LLC        |  | Delaware     |  |                                    
|                                     |  |             
|REM-Willow Grove, Inc.               |  | Pennsylvania |  |                                    
|                                     |  |             
|REM-Willow Grove, L.P.               |  | Pennsylvania |  |                                    
|                                     |  |             
|River View New York, LLC             |  | Delaware     |  | River View Apartments New York, LLC
|                                     |  |             
|Rutherford Plaza A Member III, LLC   |  | Delaware     |  |                                    
|                                     |  |             
|Rutherford Plaza A Member II, LLC    |  | Delaware     |  |                                    
|                                     |  |             
|Rutherford Plaza A Member I, LLC     |  | Delaware     |  |                                    
|                                     |  |             
|Rutherford Plaza Manager, Inc.       |  | Delaware     |  |                                    
|                                     |  |             
|Rutherford Preferred, LLC            |  | Delaware     |  |                                    
|                                     |  |             
|Sandal Ridge Apartments Arizona, LLC |  | Delaware     |  |                                    
|                                     |  |             
|Sandal Ridge, LLC                    |  | Delaware     |  |                                    
|                                     |  |             
|Sandal Ridge Member, LLC             |  | Delaware     |  |                                    
|                                     |  |             
|Saxony Florida, LLC                  |  | Delaware     |  |                                    
|                                     |  |             
|Sharpstown Mall Texas, LLC           |  | Delaware     |  |                                    
|                                     |  |             
|Sharpstown Member, LLC               |  | Delaware     |  |                                    



---

|                                         |  |                |  | 
|---------------------------------------- |  | -------------- |  | 
|                                         |  |               
|Silversmith Creek Florida Member, LLC    |  | Delaware       |  | 
|                                         |  |               
|Silversmith Creek Florida Owner, LLC     |  | Delaware       |  | 
|                                         |  |               
|Southgreen Apartments Indiana, LLC       |  | Delaware       |  | 
|                                         |  |               
|Southgreen Member, LLC                   |  | Delaware       |  | 
|                                         |  |               
|Stone Creek Apartments Colorado, LLC     |  | Delaware       |  | 
|                                         |  |               
|St. Pete Beach Holdings, LLC             |  | Delaware       |  | 
|                                         |  |               
|Sunny Shores Florida, LLC                |  | Delaware       |  | 
|                                         |  |               
|Taberna Capital (Bermuda) Ltd.           |  | Bermuda        |  | 
|                                         |  |               
|Taberna Capital Management, LLC          |  | Delaware       |  | 
|                                         |  |               
|Taberna Equity Funding, Ltd.             |  | Cayman Islands |  | 
|                                         |  |               
|Taberna European Capital Management, LLC |  | Delaware       |  | 
|                                         |  |               
|Taberna Funding Capital Trust I          |  | Delaware       |  | 
|                                         |  |               
|Taberna Funding Capital Trust II         |  | Delaware       |  | 
|                                         |  |               
|Taberna Funding LLC                      |  | Delaware       |  | 
|                                         |  |               
|Taberna IX Equity Trust, LLC             |  | Delaware       |  | 
|                                         |  |               
|Taberna Preferred Funding IX, Ltd.       |  | Cayman Islands |  | 
|                                         |  |               
|Taberna Preferred Funding VIII, Ltd.     |  | Cayman Islands |  | 
|                                         |  |               
|Taberna Real Estate CDO I, Ltd.          |  | Cayman Islands |  | 
|                                         |  |               
|Taberna Realty Finance Trust             |  | Maryland       |  | 



---

|                                             |  |          |  | 
|-------------------------------------------- |  | -------- |  | 
|                                             |  |         
|Taberna Realty Holdings Trust                |  | Maryland |  | 
|                                             |  |         
|Taberna VII Equity Trust, LLC                |  | Delaware |  | 
|                                             |  |         
|Trails at Northpoint Mississippi Member, LLC |  | Delaware |  | 
|                                             |  |         
|Trails at Northpoint Mississippi Owner, LLC  |  | Delaware |  | 
|                                             |  |         
|Treasure Island Florida, LLC                 |  | Delaware |  | 
|                                             |  |         
|Tresa At Arrowhead Arizona, LLC              |  | Delaware |  | 
|                                             |  |         
|Tresa At Arrowhead Member, LLC               |  | Delaware |  | 
|                                             |  |         
|Tuscany Bay Member, LLC                      |  | Delaware |  | 
|                                             |  |         
|Ventura Florida Owner, LLC                   |  | Delaware |  | 
|                                             |  |         
|Ventura Florida Member, LLC                  |  | Delaware |  | 
|                                             |  |         
|Willows at Lone Mountain West, LLC           |  | Delaware |  | 
|                                             |  |         
|Willows Member, LLC                          |  | Delaware |  | 
|                                             |  |         
|Yamato Member, LLC                           |  | Delaware |  |