Blackstone Sells Second Commercial Mortgage Bond to Fund Buyout; Real estate giant selling $1 billion of securitized CRE debt and adds to earlier $3 billion CMBS sale for AIR Communities

9/11/2024

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Bloomberg

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• Subcategory: Capital Markets: Debt, MF: Market Rate

• Tag: Closing | M&A | Strategy

• Additional Filters-Subcategory: Capital Markets: Debt-CMBS, MF: Highrise, MF: Midrise

• Company: Blackstone Group (NYSE: BX)

Blackstone Inc. is selling $1.05 billion of commercial mortgage bonds to help pay for a deal it struck in April to acquire AIR Communities, an apartment landlord. The debt consists of six tranches of securities, with ratings ranging from AAA to BB-, according to people familiar with the matter. An interest-only loan backing the CMBS bonds will carry a floating rate, the people said.