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Bayview Asset Management has agreed to take about $395 million worth of commercial real estate loans off the hands of a joint venture led by Blackstone.
The portfolio of 121 properties was purchased at a discount and is affiliated with the New York area, according to a report from Bloomberg, citing sources familiar with the matter. The loans apply to a mix of CRE assets, including retail, industrial, multifamily and office.
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Along with Blackstone, the JV included Canada Pension Plan Investment Board and Rialto Capital, with Newmark marketing the deal. The debt was from was inherited from Signature Bank (now in receivership), when the trio bought a 20 percent stake in the financial institution's $17 billion CRE loan portfolio in 2023, according to Bloomberg. The news outlet said that since then, the JV has continued to sell other pieces of the debt, with Morgan Stanley making a separate deal to acquire $700 million worth of the loans affiliated with the ones originated by Signature from the three investors.
The first quarter was mixed on the investment sale front for Manhattan, as highlighted in a report from Avison Young. For example, there were just 84 transactions, a 12 percent gain quarter-over-quarter. However, when you look at it from the $2.7 billion in dollar volume perspective, sales were down 17 percent over the same period. Avison Young forecasts that transactions in the city will surge by 26 percent in, while dollar volume will drop by five percent in all of 2025.
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