Blackstone’s 2021 $1.3B CMBS Multifamily Loan Hits Special Servicing
The BX 2021-21M Mortgage Trust deal with a $517.7 million balance is collateralized by apartment properties across the Sun Belt and Seattle
By Andrew Coen October 20, 2026 10:27 am
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The Sun Belt multifamily distress hampering apartment owners who borrowed before interest rates spiked has hit a private equity giant.
A $1.3 billion Blackstone commercial mortgage-backed securities (CMBS) loan with a $517.7 million balance issued in fall 2021 has entered special servicing after missing its October 2026 maturity date, according to a Morningstar Credit alert issued Oct. 19. The BX 2021-21M Mortgage Trust deal was originally collateralized by 21 multifamily properties encompassing 6,671 units in Texas, Florida, Georgia, Washington, Colorado, South Carolina and Kansas.
The CMBS loan’s portfolio is now six properties totaling 1,842 units, including two properties in Seattle along with apartment complexes in San Antonio, Jonesboro, Ga., and Bradenton, Fla., according to The Real Deal, which first reported the special servicing.
Blackstone was granted a three-month forbearance to allow for the sale of the remaining assets in the loan, according to Morningstar.
David Putro, associate managing director at Morningstar, said the remaining properties in the portfolio are generating “slightly more” cash flow than they were underwritten at, according to special servicer commentary.
Barclays and Morgan Stanley co-originated the CMBS transaction, which was structured as a floating-rate, interest-only first-lien mortgage loan. Blackstone acquired the portfolio through multiple off-market, all-cash acquisitions from April through September 2021, according to a Fitch Ratings commentary at the time of the deal.
Blacktone did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
