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Investing.com -- A joint venture involving Blackstone (NYSE:BX) Inc. is planning to sell approximately $395 million in commercial real estate loans in the New York area, according to Bloomberg News, citing people familiar with the matter. These loans were originally acquired as part of a deal with Signature Bank (OTC:SBNY) in 2023.
The venture, which also includes the Canada Pension Plan Investment Board and Rialto Capital, is offering a portfolio of 121 performing loans. The loans are secured by a variety of property types including offices, apartments, and retail and industrial properties.
The properties securing the loans are primarily located in New York City, but some are also situated in the wider tri-state area.
A team from Newmark Group (NASDAQ:NMRK) Inc., led by Doug Harmon and Adam Spies, is handling the marketing of the debt. The deadline for initial bids has been set for March 25.
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