Exhibit 21.1

RAIT Financial Trust

Subsidiaries at February 22, 2011



|                                             |  |                       |  |          
|-------------------------------------------- |  | --------------------- |  | ---------
|Entity Name                                  |  | Domestic Jurisdiction |  | DBA Names
|156 William Leasing Manager, LLC             |  | Delaware              |  |          
|1805 Old Alabama Road, LLC                   |  | Georgia               |  |          
|1805 Old Alabama Road Manager, LLC           |  | Georgia               |  |          
|1901 Newport Investor, LLC                   |  | Delaware              |  |          
|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 Beach Resort Florida, LLC        |  | Delaware              |  |          
|Belle Creek Apartments Colorado, LLC         |  | Delaware              |  |          
|Belle Creek, LLC                             |  | Delaware              |  |          
|Belle Creek Member, LLC                      |  | Delaware              |  |          
|BOCA Yamato, LLC                             |  | Delaware              |  |          
|Briargate Class B Member, LLC                |  | Delaware              |  |          
|Broadstone I Preferred, LLC                  |  | Delaware              |  |          
|Burton Holdings, LLC                         |  | Delaware              |  |          
|Cardinal Motel Florida, LLC                  |  | Delaware              |  |          
|Centrepoint Arizona, LLC                     |  | Delaware              |  |          
|Centrepoint Member, LLC                      |  | Delaware              |  |          
|CMBS Opportunity Fund MM, LLC                |  | Delaware              |  |          
|Coles Crossing Preferred Member, 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 Holdings, LLC        |  | Delaware              |  |          
|Creekstone Colony Lakes, LLC                 |  | Delaware              |  |          
|Creekstone Colony Lakes Member, LLC          |  | Delaware              |  |          
|Crestmont Apartments Georgia, LLC            |  | Delaware              |  |          
|Crestmont Member, LLC                        |  | Delaware              |  |          
|CRP Commercial Services, LLC                 |  | Delaware              |  |          
|Cumberland Glen Apartments Georgia, LLC      |  | Delaware              |  |          
|Cumberland Member, LLC                       |  | Delaware              |  |          
|Daytona Portfolio, 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 Apartments Solar, LLC            |  | Delaware              |  |          



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|                                              |  |              |  |                                              
|--------------------------------------------- |  | ------------ |  | ---------------------------------------------
|Eagle Ridge, LLC                              |  | Delaware     |  |                                              
|Eagle Ridge Member, LLC                       |  | Delaware     |  |                                              
|Ellington Condos Florida, LLC                 |  | Delaware     |  |                                              
|Ellington Development Florida, 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     |  |                                              
|Four Resource Member, LLC                     |  | Delaware     |  |                                              
|Four Resource Square, LLC                     |  | Delaware     |  |                                              
|Global Insurance Advisors, LLC                |  | Pennsylvania |  |                                              
|Grand Terrace Apartments California, LLC      |  | Delaware     |  |                                              
|Grand Terrace Apartments Solar, LLC           |  | Delaware     |  |                                              
|Grand Terrace, LLC                            |  | Delaware     |  |                                              
|Grand Terrace Member, LLC                     |  | Delaware     |  |                                              
|Heritage Real Estate Securities Fund I, LLC   |  | Delaware     |  |                                              
|Heritage Trace Apartments Virginia, LLC       |  | Delaware     |  |                                              
|Heritage Trace Member, LLC                    |  | Delaware     |  |                                              
|Inverness Preferred Member, LLC               |  | Delaware     |  |                                              
|Independence Realty Advisors, LLC             |  | Delaware     |  |                                              
|Independence Realty Operating Partnership, LP |  | Delaware     |  |                                              
|Independence Realty Trust, Inc.               |  | Maryland     |  |                                              
|Jupiter Communities, LLC                      |  | Delaware     |  | Jupiter Communities, LLC
(Delaware) - Georgia
|Lafayette English Apartments, LP              |  | Texas        |  |                                              
|Lafayette English GP. 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     |  |                                              
|McDowell Mountain Arizona, LLC                |  | Delaware     |  |                                              
|McDowell Mountain Member LLC                  |  | Delaware     |  |                                              
|MGS Gift Shop 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     |  |                                              
|OSEB GP, Inc.                                 |  | Delaware     |  |                                              
|Oyster Point Apartments Virginia, LLC         |  | Delaware     |  |                                              
|Oyster Point Member, LLC                      |  | Delaware     |  |                                              



124



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|                                      |  |                |  | 
|------------------------------------- |  | -------------- |  | 
|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       |  | 
|Plazamericas Mall Texas, LLC          |  | Delaware       |  | 
|PRG-RAIT Portfolio Member, LLC        |  | Delaware       |  | 
|Proteus Advisors, Inc.                |  | Maryland       |  | 
|Proteus Euro Real Estate, Inc.        |  | Maryland       |  | 
|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 III, LLC          |  | Delaware       |  | 
|RAIT Asset Holdings III Member, 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 Collins Knoxville Investor, LLC  |  | Delaware       |  | 
|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 General, Inc.                    |  | Maryland       |  | 
|RAIT-Hartford, L.L.C.                 |  | Delaware       |  | 
|RAIT Jupiter Holdings, LLC            |  | Delaware       |  | 
|RAIT Limited, Inc.                    |  | Maryland       |  | 
|RAIT Lincoln Court, LLC               |  | Delaware       |  | 
|RAIT Loan Acquisitions I, LLC         |  | Delaware       |  | 
|RAIT-Neenah, L.L.C.                   |  | Delaware       |  | 
|RAIT North Park, LLC                  |  | Delaware       |  | 
|RAIT NTR Holdings, 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 |  | 



125



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|                                      |  |                |  | 
|------------------------------------- |  | -------------- |  | 
|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 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 Sharpstown TRS, LLC              |  | Delaware       |  | 
|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 TRS, 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 Manor Florida Owner, LLC      |  | Delaware       |  | 
|Regency Manor Member, 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   |  | 
|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 Inn Florida, LLC               |  | Delaware       |  | 
|Sharpstown Mall Texas, LLC            |  | Delaware       |  | 
|Sharpstown Member, LLC                |  | Delaware       |  | 
|Silversmith Creek Florida Member, LLC |  | Delaware       |  | 
|Silversmith Creek Florida Owner, LLC  |  | Delaware       |  | 



126



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|                                             |  |                |  | 
|-------------------------------------------- |  | -------------- |  | 
|Southgreen Apartments Indiana, LLC           |  | Delaware       |  | 
|Southgreen Member, LLC                       |  | Delaware       |  | 
|Stone Creek Apartments Colorado, LLC         |  | Delaware       |  | 
|Stone Creek Member, LLC                      |  | Delaware       |  | 
|St. Pete Beach Holdings, LLC                 |  | Delaware       |  | 
|Sunny Shores Resort Florida, LLC             |  | Delaware       |  | 
|Taberna Capital Management, LLC              |  | Delaware       |  | 
|Taberna Equity Funding, Ltd.                 |  | Cayman Islands |  | 
|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, Inc.           |  | Delaware       |  | 
|Taberna Preferred Funding IX, Ltd.           |  | Cayman Islands |  | 
|Taberna Preferred Funding VIII, Inc.         |  | Delaware       |  | 
|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       |  | 
|Tiffany Square, LLC                          |  | Delaware       |  | 
|Tiffany Square Member, LLC                   |  | Delaware       |  | 
|Trails at Northpoint Mississippi Member, LLC |  | Delaware       |  | 
|Trails at Northpoint Mississippi Owner, LLC  |  | Delaware       |  | 
|Treasure Island Resort Florida, LLC          |  | Delaware       |  | 
|Tresa At Arrowhead Arizona, LLC              |  | Delaware       |  | 
|Tresa At Arrowhead Member, LLC               |  | Delaware       |  | 
|Tuscany Bay Apartments Florida, LLC          |  | Delaware       |  | 
|Tuscany Bay Member, LLC                      |  | Delaware       |  | 
|Ventura Florida Member, LLC                  |  | Delaware       |  | 
|Ventura Florida Owner, LLC                   |  | Delaware       |  | 
|Vista Lago Condos, LLC                       |  | Delaware       |  | 
|Vista Lago Member, LLC                       |  | Delaware       |  | 
|Vista Springs California, LLC                |  | Delaware       |  | 
|Vista Springs Member, LLC                    |  | Delaware       |  | 
|Willows at Lone Mountain West, LLC           |  | Nevada         |  | 
|Willows Member, LLC                          |  | Delaware       |  | 
|Yamato Member, LLC                           |  | Delaware       |  | 



127