Maverick Secures $247M of Signature CRE Loans from Blackstone-Led Venture
By Andrew Coen February 23, 2024 5:59 pm
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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.
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.
Andrew Coen can be reached at acoen@commercialobserver.com.
