Blackstone Nabs $1B Loan Portfolio From Deutsche Pfandbriefbank 


Blackstone (BX) Real Estate Debt Strategies (BREDS) has acquired a $1 billion performing senior mortgage loan portfolio from Deutsche Pfandbriefbank (PBB), the company announced Tuesday.

The all-cash transaction for an undisclosed amount with the German lender involves what Blackstone described as loans “backed by cash-flowing, well-located assets with experienced borrowers.” The portfolio’s largest loans are secured by office buildings at 1700 Pennsylvania Avenue in Washington, D.C., and 325 Main Street in the Kendall Square neighborhood of Cambridge, Mass.

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Details on the geographic markets and property sectors in the portfolio were not immediately available.

“We are excited to acquire this diversified portfolio of performing loans across property sectors and geographies on behalf of our BREDS investors,” Steve Plavin, senior managing director at BREDS, said in a statement. “We have established ourselves as a trusted counterparty for financial institutions such as PBB, as they look to optimize their balance sheets.” 

Since its founding in 2008, BREDS has originated or acquired more than $190 billion of loan volume, according to Blackstone. It originated $4.6 billion of loans globally for the year ending March 1 with $3.7 billion of that in the U.S.

BREDS and Blackstone Real Estate Income Trust also recently acquired a 20 percent stake in a $17 billion Signature Bank CRE portfolio consisting of 2,600 senior loans on market-rate multifamily, retail and office properties in the New York region.

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