BX 2021-21M's $1.3 billion Blackjack loan enters special servicing
The trust is down to six properties and 1,842 units, with three months to sell, per Multifamily Dive.
At a glance
The BX 2021-21M trust's $1.3 billion Blackjack apartment loan has entered special servicing, leaving six properties and 1,842 units with a three-month sales window, Multifamily Dive first reported.
The Blackjack Portfolio originally held 6,671 units; after fifteen community sales, 1,842 units remain on the loan, about 28% of the original count.
BX 2021-21M now has a three-month window to dispose of the six remaining properties.
The BX 2021-21M trust's $1.3 billion Blackjack apartment loan has entered special servicing, leaving six properties and 1,842 units with a three-month sales window, Multifamily Dive first reported.
The Blackjack Portfolio originally held 6,671 units; after fifteen community sales, 1,842 units remain on the loan, about 28% of the original count. The 4,829 units that left through those sales average roughly 322 units per community.
BX 2021-21M now has a three-month window to dispose of the six remaining properties. A special servicing transfer moves a securitized loan off routine administration and onto a workout specialist acting for the bondholders.
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