A joint venture involving Blackstone, the Canada Pension Plan Investment Board, and Rialto Capital is moving forward with plans to sell a significant portion of its real estate loan portfolio, valued at approximately $395 million, as reported by Bloomberg.
This would include 121 performing loans, which are secured by a diverse range of properties including multifamily residences, offices, retail spaces, and industrial facilities. The majority of these properties are located in New York City, with some situated in the broader Tri-state area.
The marketing of this debt is being handled by Newmark Group, with initial bids set to be received by March 25. This sale is part of a larger strategy by the joint venture to offload some of the commercial real estate loans it acquired from Signature Bank in December 2023. At that time, the venture purchased a 20% stake in a nearly $17 billion portfolio of former Signature Bank loans, which were predominantly performing and secured by retail, multifamily, and office properties.
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