A joint venture that includes Blackstone Inc. is seeking to sell roughly $395 million of commercial property loans in the New York area, offloading some of the Signature Bank debt that it bought in 2023, according to people familiar with the matter who asked not to be identified citing private information.
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 and apartments, as well as retail and industrial properties, according to marketing materials viewed by Bloomberg.
The assets are largely concentrated in New York City, but some properties are located in the broader tri-state area.
A Newmark Group Inc. team led by Doug Harmon and Adam Spies is marketing the debt. Initial bids are due March 25. Spokespeople for Blackstone, Newmark and Rialto didn’t immediately respond to a request for comment. Representatives for CPPIB and the Federal Deposit Insurance Corp., which holds a stake in the debt, declined to comment.
Blackstone and its partners bought a 20% stake in a joint venture that held roughly $17 billion of loans from Signature, a U.S. bank that failed two years ago.
Since then, the venture has sold off slices of the debt. Last year, Morgan Stanley struck a deal to buy some $700 million of property loans made by Signature from the group, Bloomberg News reported at the time. Maverick Real Estate Partners bought another portion.
