NEW YORK CITY—Annaly Capital Management has revealed that its wholly-owned subsidiary Annaly Commercial Real Estate Group provided a $592 million loan to an affiliate of Blackstone Real Estate Partners VIII and their partner Fairstead Capital earlier this month for the purchase of a 24 building New York City multifamily apartment portfolio.
Annaly capitalized on Blackstone's strong relationship with the institutional commercial real estate origination team that recently joined Annaly from GE Capital Real Estate.
“This transaction is another example of the progress we are making in growing our commercial real estate business through high quality institutional relationships,” says Kevin Keyes, president and incoming CEO of Annaly. “We will continue to utilize our balance sheet strength as a strategic advantage as we build out our commercial real estate platform.”
“While this is our first commercial transaction with Annaly, we look forward to growing the relationship based on the quality of execution,” comments Michael Lascher, a managing director in the real estate group and the global head of real estate debt capital markets at Blackstone.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
