You aren't often privy to backdoor CRE negotiations. Bloomberg delivered one case on a platter: Blackstone selling a portfolio of student dorms.

"First, the firm dangled the option for buyers to take over $800 million in debt that had already been negotiated at low rates," reporters Dawn Lim and Natalie Wong wrote. "And after bids came in, Blackstone stepped up as a provider of below-market financing, bringing the total package to about $1 billion."

At the time of the sale, KKR described the portfolio as worth "approximately $1.64 billion." The 19 properties offered a total of 10,000 beds in 14 four-year public universities across 10 states. In a joint venture, BREIT and Greystar Real Estate Partners had acquired the portfolio in 2018.

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