Blackstone Real Estate Debt Strategies has closed on a $1 billion performing senior mortgage loan portfolio from German lender Deutsche Pfandbriefbank (PBB) for an undisclosed price, with BREDS paying cash for the purchase. PBB originated the portfolio of senior mortgage loans.
The portfolio comprises 11 loans secured against performing multifamily, office and hospitality assets across the UK and US. The loans are backed by cash-flowing, well-located assets including 1700 Pennsylvania Ave. in Washington, D.C., and 325 Main Street in Cambridge, Mass.
PBB is selling the assets in order to optimize its balance sheet, says Steve Plavin, senior managing director of BREDS.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
