Blackstone's $1.3 billion CMBS multifamily loan lands in special servicing
The loan matured earlier this month with $517.7 million outstanding on six remaining properties, according to Morningstar Credit.
At a glance
Blackstone's $1.3 billion CMBS multifamily loan was flagged for special servicing after it matured earlier this month, according to Morningstar Credit, as reported by The Real Deal.
Blackstone secured a three-month forbearance, which moves the refinancing or sale question into early 2027, according to Morningstar Credit.
The loan went on the watchlist in December 2024 after property inspections showed deferred maintenance, and stayed there because of the approaching maturity, per Morningstar Credit.
Blackstone's $1.3 billion CMBS multifamily loan was flagged for special servicing after it matured earlier this month, according to Morningstar Credit, as reported by The Real Deal. The loan carried a 21-asset, 6,671-unit Sun Belt apartment portfolio when Blackstone took it out in 2021.
Blackstone secured a three-month forbearance, which moves the refinancing or sale question into early 2027, according to Morningstar Credit. Six properties remain, totaling 1,842 units, and the balance on the loan is $517.7 million.
The loan went on the watchlist in December 2024 after property inspections showed deferred maintenance, and stayed there because of the approaching maturity, per Morningstar Credit. Blackstone has been selling assets out of the portfolio since at least 2023, reducing the collateral from 6,671 units to 1,842 while the loan balance remained at $517.7 million.
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