A joint venture including Blackstone seeks to sell about $395 million of commercial-property loans in the New York area, offloading some of the Signature Bank debt it bought in 2023, Bloomberg News reported. The venture, which also includes Canada Pension Plan Investment Board and Rialto Capital, is offering a portfolio comprising 121 performing loans that are backed by offices, apartments and retail and industrial properties.Â
The assets are largely concentrated in New York City, but some properties are located in the broader Tri-State area. A Newmark team led by Doug Harmon and Adam Spies is marketing the debt, reported Bloomberg. Initial bids are due March 25.
Blackstone and its partners bought a 20% stake in a joint venture that held roughly $17 billion of loans from Signature following the bank’s collapse. Since then, the venture has sold off slices of the debt to Morgan Stanley and Maverick Real Estate Partners.
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