Blackstone Real Estate Debt Strategies, Blackstone Real Estate Income Trust, CPP Investments And Rialto Capital Acquire A 20% Equity Stake In A Venture Holding ~$17B Commercial Real Estate Loan Portfolio Of Former Signature Bank
Portfolio Pulse from Benzinga Newsdesk
Blackstone Real Estate Debt Strategies, Blackstone Real Estate Income Trust, CPP Investments, and Rialto Capital have acquired a 20% equity stake in a joint venture with the FDIC, holding a $16.8 billion commercial real estate loan portfolio from the defunct Signature Bank. The FDIC retains an 80% stake and provided 50% financing. The portfolio consists of over 2,600 loans, mostly performing and fixed-rate, in the New York area. Blackstone will manage the assets, and Rialto will service the loans. CPP Investments' credit portfolio is valued at C$75 billion as of September 30, 2023.
December 14, 2023 | 9:38 pm
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Blackstone Mortgage Trust, related to Blackstone Real Estate Debt Strategies, is indirectly involved in the acquisition of a 20% equity stake in a $17B commercial real estate loan portfolio. The deal could signal confidence in Blackstone's real estate credit management capabilities.
Although BXMT is not directly mentioned, its association with Blackstone Real Estate Debt Strategies suggests a positive impact due to the confidence in Blackstone's management of the acquired portfolio. The deal highlights Blackstone's leadership in the real estate credit market, which could reflect positively on BXMT's reputation and future business prospects.
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