Maverick Secures $247M of Signature CRE Loans from Blackstone-Led Venture


Private equity fund manager Maverick Real Estate Partners has grabbed a $247 million piece of Signature Bank (SBNY)’s commercial real estate loan portfolio awarded to a Blackstone (BX)-led joint venture in December.

The acquisition by Maverick involves eight properties in Manhattan, Brooklyn and Queens, Bloomberg Law reported.  The specific buildings or property types were not revealed. 

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The Maverick purchase comes just over two months after Blackstone Real Estate Debt Strategies, Blackston Real Estate Income Trust, Rialto Capital and the Canada Pension Plan Investment Board secured a 20 percent stake in Signature’s $17 billion CRE loan book with a winning bid of $1.2 billion. Last month, Blackstone indicated plans to sell roughly $1.8 billion of the Signature loans it won in December. 

The Federal Deposit Insurance Corporation said in December when the Blackstone-backed bid was selected that the CRE portfolio consisted of more than 2,600 first-mortgage loans on retail, market-rate multifamily and office properties located primarily in the New York metropolitan area. Roughly 90 percent of the loans are fixed rate with low in-place coupons and strong in-place debt service coverage, according to the FDIC.

Representatives for Maverick did not immediately return a request for comment. A Blackstone spokesperson declined to comment. 

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