Blackstone Real Estate Debt Strategies has sold a $760m (€678m) portfolio of performing commercial real estate loans to US credit platform Prime Finance.
The transaction comprises eight loans backed by office and multifamily assets across five US states, marking a major secondary-market portfolio sale amid ongoing recapitalisation activity across the US commercial real estate market.
Seth Fisher, principal and head of strategic capital solutions at Prime Finance, said: “As commercial real estate capital structures continue to reset, we are identifying a growing set of opportunities across property types and geographies.
“The combination of quality underlying real estate, meaningful sponsor equity and an attractive basis made this a compelling investment for Prime Finance, and our experience navigating complex situations uniquely positions us to manage the portfolio and pursue the right outcome for each investment.”
John Atwater, co-founder and managing partner at Prime Finance, said: “Prime Finance has built a platform designed to deploy capital across a wide range of market environments, and transactions like this demonstrate the value of that approach.
“We are confident that our flexible capital, deep investment expertise, and ability to execute at scale will allow us to continue capitalising on attractive opportunities.”
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