Blackstone-led venture to sell $395 million in loans in New York.

According to a report by Bloomberg News citing sources familiar with the matter, a joint venture involving Blackstone Inc. plans to sell approximately $395 million worth of commercial real estate loans in the New York region. These loans were acquired through an agreement with Signature Bank in 2023.

The venture, which includes the Canada Pension Plan Investment Board and Rialto Capital, offers a portfolio consisting of 121 performing loans. The loans are secured by various types of real estate, including offices, apartments, retail, and industrial properties. While the collateral properties are primarily located in New York City, some are situated throughout the tri-state area. The marketing of the debt is being led by a team from Newmark Group Inc., headed by Doug Harmon and Adam Spies, with a deadline for initial offers set for March 25.