Exhibit 21.1



|                                       |  |                    |  |                 
|-------------------------------------- |  | ------------------ |  | ----------------
|Name of Subsidiary                     |  | State of Formation |  | Other Names Used
|175 Remsen PE Investors, LLC           |  | Delaware           |  |                 
|175 Remsen PE Investors II, LLC        |  | Delaware           |  |                 
|990 Stewart Avenue Investors, LLC      |  | Delaware           |  |                 
|1805 Old Alabama Road, LLC             |  | Georgia            |  |                 
|1805 Old Alabama Road Manager, LLC     |  | Georgia            |  |                 
|7500 Bellair Mall LP                   |  | Texas              |  |                 
|AI-Hartford, LLC                       |  | Delaware           |  |                 
|AI-Neenah, LLC                         |  | Delaware           |  |                 
|AI-Two Rivers, LLC                     |  | Delaware           |  |                 
|Advenir@Promontory, LLC                |  | Florida            |  |                 
|Amarillo Dunhill, LLC                  |  | Delaware           |  |                 
|Argyle Corridor Member, LLC            |  | Delaware           |  |                 
|Ascot Park Member, LLC                 |  | Delaware           |  |                 
|Aslan Centerpoint, LLC                 |  | Kentucky           |  |                 
|Aslan Chalkville, LLC                  |  | Kentucky           |  |                 
|Aslan Terrace, LLC                     |  | Kentucky           |  |                 
|Aurora Lake Member, LLC                |  | Delaware           |  |                 
|Autumn Grove Member, LLC               |  | Delaware           |  |                 
|Bear Stearns ARM Trust 2005-9          |  | Delaware           |  |                 
|Bear Stearns ARM Trust 2005-7          |  | Delaware           |  |                 
|Belle Creek Member, LLC                |  | Delaware           |  |                 
|Blackstone Member, LLC                 |  | Delaware           |  |                 
|Braden Lakes Member, LLC               |  | Delaware           |  |                 
|Broadstone I Partner, LLC              |  | Delaware           |  |                 
|Brook of Willows Member, LLC           |  | Delaware           |  |                 
|Buckner-Beckley, L.L.C.                |  | Texas              |  |                 
|Citigroup Mortgage Loan Trust 2005-11  |  | Delaware           |  |                 
|Collins West Member, LLC               |  | Delaware           |  |                 
|Colonial Parc Apartments Arkansas, LLC |  | Delaware           |  |                 
|Colonial Parc Member, LLC              |  | Delaware           |  |                 
|Copper Mill Member, LLC                |  | Delaware           |  |                 
|Cornerstone Member, LLC                |  | Washington         |  |                 
|Creekstone Member, LLC                 |  | Delaware           |  |                 
|Crestmont Member, LLC                  |  | Delaware           |  |                 
|Cumberland Member, LLC                 |  | Delaware           |  |                 
|CWABS Trust 2005 HYB9                  |  | Delaware           |  |                 
|Desert Wind Member, LLC                |  | Delaware           |  |                 
|Diversified Historic Investors III:    |  |                    |  |                 
|Lincoln Court Apartments Trust         |  | Pennsylvania       |  |                 
|E Pointe Properties I, Ltd.            |  | Texas              |  |                 
|Eagle Ridge Member, LLC                |  | Delaware           |  |                 
|Emerald Bay Member, LLC                |  | Delaware           |  |                 
|First Wyoming Plaza, LLC               |  | Illinois           |  |                 
|Fourth & Plum, LLC                     |  | Delaware           |  |                 
|Fox Crest Member, LLC                  |  | Delaware           |  |                 
|Grand Terrace Member, LLC              |  | Delaware           |  |                 
|Gulf Pointe Member, LLC                |  | Delaware           |  |                 
|Heritage Trace Member, LLC             |  | Delaware           |  |                 
|Hillwood Pointe Member, LLC            |  | Delaware           |  |                 
|ICP 3400, LLC                          |  | Delaware           |  |                 
|JPG  Hartford, L.L.C.                 |  | Delaware           |  |                 
|JPG  Neenah, LLC                      |  | Delaware           |  |                 
|JPG  Two Rivers, L.L.C.               |  | Delaware           |  |                 
|Las Vistas Member, LLC                 |  | Delaware           |  |                 
|Lee Member, LLC                        |  | Delaware           |  |                 





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|                                      |  |                |  |                       
|------------------------------------- |  | -------------- |  | ----------------------
|Loma Vista Member, LLC                |  | Delaware       |  |                       
|Mandalay Member, LLC                  |  | Delaware       |  |                       
|Merrill Lynch Mortgage Investors      |  |                |  |                       
|Trust, Series 2005-A9                 |  | Delaware       |  |                       
|Merrill Lynch Mortgage Backed         |  |                |  |                       
|Securities Trust, Series MLMBS 2007-2 |  | Delaware       |  |                       
|Mountain Vista Member, LLC            |  | Delaware       |  |                       
|NP Dunhill, Ltd.                      |  | Texas          |  |                       
|New Stonecrest Associates, L.P.       |  | Pennsylvania   |  |                       
|New Stonecrest Preferred, LLC         |  | Delaware       |  |                       
|Oyster Point Member, LLC              |  | Delaware       |  |                       
|Palm Isle Member, LLC                 |  | Delaware       |  |                       
|Palms of Avalon Member, LLC           |  | Delaware       |  |                       
|Park Heights Member, LLC              |  | Delaware       |  |                       
|Penny Lane Member, LLC                |  | Delaware       |  |                       
|PMZ  Hartford, L.L.C.                |  | Delaware       |  |                       
|PMZ  Neenah, L.L.C.                  |  | Delaware       |  |                       
|PMZ  Two Rivers, LLC                 |  | Delaware       |  |                       
|PRG-RAIT Portfolio Member, LLC        |  | Delaware       |  |                       
|Quito Village Associates, 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, 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 Cornerstone, LLC                 |  | Delaware       |  |                       
|RAIT CRE CDO I, LLC                   |  | Delaware       |  |                       
|RAIT CRE CDO I, Ltd.                  |  | Cayman Islands |  |                       
|RAIT CRE Holdings, LLC                |  | Delaware       |  |                       
|RAIT-CVI III, LLC                     |  | Delaware       |  |                       
|RAIT-CVI III Belle Creek, LLC         |  | Delaware       |  |                       
|RAIT-CVI IV, LLC                      |  | Delaware       |  |                       
|RAIT Emerald Pointe, Inc.             |  | Delaware       |  |                       
|RAIT Enterprises, LLC                 |  | Delaware       |  |                       
|RAIT General, Inc.                    |  | Maryland       |  |                       
|RAIT-Hartford, L.L.C.                 |  | 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-PRG Member, LLC                  |  | Delaware       |  |                       
|RAIT Preferred Funding II, Ltd.       |  | Cayman Islands |  |                       
|RAIT Preferred Funding II, LLC        |  | Delaware       |  |                       
|RAIT Preferred Holdings I, LLC        |  | Delaware       |  |                       
|RAIT Preferred Holdings II, LLC       |  | Delaware       |  |                       



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|                                     |  |                |  | 
|------------------------------------ |  | -------------- |  | 
|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 Federal Plaza, LLC        |  | Delaware       |  | 
|RAIT Rogers Plaza, LLC               |  | Delaware       |  | 
|RAIT SAAR Company, LLC               |  | Delaware       |  | 
|RAIT Sabel Key Manager, Inc.         |  | Delaware       |  | 
|RAIT Securities (UK), Ltd.           |  | United Kingdom |  | 
|RAIT Sharpstown, LLC                 |  | Delaware       |  | 
|RAIT Sharpstown Member, LLC          |  | Delaware       |  | 
|RAIT Stonecrest, LLC                 |  | Delaware       |  | 
|RAIT Towne Square, LLC               |  | Delaware       |  | 
|RAIT-Two Rivers, L.L.C.              |  | Delaware       |  | 
|RAIT Urban Holdings, LLC             |  | Delaware       |  | 
|RAIT Ventures, LLC                   |  | Delaware       |  | 
|REM-Cherry Hill, LLC                 |  | New Jersey     |  | 
|REM-Willow Grove, Inc.               |  | Pennsylvania   |  | 
|REM-Willow Grove, L.P.               |  | Pennsylvania   |  | 
|Rosedown Member, LLC                 |  | Delaware       |  | 
|Rutherford Plaza Manager, Inc.       |  | Delaware       |  | 
|SAAR Company, LLC                    |  | New York       |  | 
|Sabel Key Southwest, LLC             |  | Delaware       |  | 
|Sandal Ridge Member, LLC             |  | Delaware       |  | 
|St. Pete Beach Holdings, LLC         |  | Delaware       |  | 
|Stone Creek Member, LLC              |  | Delaware       |  | 
|Summit Place Member, LLC             |  | Delaware       |  | 
|TS Dunhill, Ltd.                     |  | Texas          |  | 
|Taberna Capital Management, LLC      |  | Delaware       |  | 
|Taberna Capital (Ireland) Ltd.       |  | Ireland        |  | 
|Taberna Equity Funding, Ltd          |  | Cayman Island  |  | 
|Taberna Europe CDO I p.l.c.          |  | Ireland        |  | 
|Taberna Europe CDO II p.l.c.         |  | Ireland        |  | 
|Taberna Funding LLC                  |  | Delaware       |  | 
|Taberna Funding Capital Trust I      |  | Delaware       |  | 
|Taberna Funding Capital Trust II     |  | Delaware       |  | 
|Taberna Loan Holdings I, LLC         |  | Delaware       |  | 
|Taberna Loan Holdings II, LLC        |  | Delaware       |  | 
|Taberna Preferred Funding III, Inc.  |  | Delaware       |  | 
|Taberna Preferred Funding IV, Inc.   |  | Delaware       |  | 
|Taberna Preferred Funding VI, Inc.   |  | Delaware       |  | 
|Taberna Preferred Funding VII, Inc.  |  | Delaware       |  | 
|Taberna Preferred Funding VIII, Inc. |  | Delaware       |  | 
|Taberna Preferred Funding IX, Inc.   |  | Delaware       |  | 
|Taberna Preferred Funding III, Ltd.  |  | Cayman Islands |  | 
|Taberna Preferred Funding IV, Ltd.   |  | Cayman Islands |  | 
|Taberna Preferred Funding VI, Ltd.   |  | Cayman Islands |  | 
|Taberna Preferred Funding VII, Ltd.  |  | Cayman Islands |  | 
|Taberna Preferred Funding VIII, Ltd. |  | Cayman Islands |  | 
|Taberna Preferred Funding IX, 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       |  | 
|Treeline Boro Hall LLC               |  | New York       |  | 
|Tuscany Bay Member, LLC              |  | Delaware       |  | 
|Urban Retail Properties Co., LLC     |  |                |  | 



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|                        |  |          |  | 
|----------------------- |  | -------- |  | 
|Ventura Member, LLC     |  | Delaware |  | 
|West Argyle Member, LLC |  | Delaware |  | 
|Woodmeade Member, LLC   |  | Delaware |  | 
|Zeller-401 RAIT, L.L.C. |  | Delaware |  | 
|Zeller-500 RAIT, L.L.C. |  | Delaware |  |