Our real estate debt business provides creative and comprehensive financing solutions across the capital structure and risk spectrum. Meanwhile, Blackstone has downplayed its exposure to hotels. Finance of America, says its collection of companies has originated over $65 billion in loans since 2017. By clicking Subscribe you agree to our Privacy Policy. A dream destination with miles of beaches and endless aloha moments. Amenity-packed vacation paradise, situated on a breathtaking beach and surrounded by aloha spirit. Blackstone will own 70% of the company, which is expected to go public in the first half of 2021. Deignan, head of real estate equity capital markets at Mizuho Securities USA LLC. The $5.6 billion mega-transaction, fittingly named BX 2019-XL, covered about a third of the total square footage Blackstone acquired from GLP. The deal would significantly expand Blackstone’s footprint in the manufactured housing space. Last year, hotels brought in $441.8 million, or 26 percent of total real estate revenue. That’s how much the alternative investment manager is paying for 179 million square feet of urban logistics properties -- the warehouses used by Amazon.com Inc. and other retailers to fulfill orders from online shoppers. In this HousingWire Annual session on servicing technology, attendees discover the benefits of adopting an AI-driven process to streamline and standardize data. But none of these factors exist in the market now. The shift toward online shopping is reconfiguring supply chains and shaping the fortunes of industrial landlords, with demand especially high in and around large cities, where e-commerce has taken off fastest. It is mandatory to procure user consent prior to running these cookies on your website. 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Sorry, your blog cannot share posts by email. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Like most mortgage lenders, the Blackstone portfolio company has benefited from ultra-low interest rates and a phenomenal rise in refinancing business. Other tenants include FedEx Corp., Home Depot Inc., L’Oreal SA, United Parcel Service Inc., Starbucks Corp. and Tesla Inc., according to the company’s website. The New York-based firm, considered to be the world’s largest commercial landlord, is in exclusive talks to purchase the properties from Summit Communities, according to a Bloomberg account citing people familiar with the matter. The sale comes amid a flurry of warehouse deals. So it’s not surprising that when Blackstone tapped the securitized debt market to finance a large chunk of that portfolio it acquired from Singapore’s GLP, it ended up being one of the largest single-borrower CMBS deals as well. The firm values its real estate portfolio at $329 billion, with $167 billion of investor capital under management. We emphasize competitive metrics at the property level to ensure consistent profitability for the portfolio as a whole. The GLP transaction “fits perfectly with the strength of the Blackstone Real Estate franchise: large-scale, high-conviction, thematic investing,” said Nadeem Meghji, senior managing director and head of real estate in the Americas for Blackstone Real Estate. Blackstone triumphed in an auction for GLP’s assets that drew bids from Prologis Inc. and Brookfield Asset Management Inc., according to a person with knowledge of the matter. Blackstone followed up its big GLP deal with several more acquisitions in 2019, while also seeking to sell off non-core pieces of the GLP portfolio to other companies, such as Prologis. Even including the new deal with Summit Communities, however, the firm would own less than 1 percent of the existing manufacturing housing stock across the U.S. With the pandemic aggravating the affordable housing crisis, manufactured housing communities have proven to be both a viable housing alternative and a relatively safe and stable investment option. 180M sf portfolio pulls in $400M in rent per year, with tenants that include Amazon and US government. Blackstone Real Estate’s global opportunistic BREP strategy will acquire 115 million square feet for $13.4 billion, while its income-oriented unlisted Blackstone Real Estate Income Trust will purchase 64 million square feet for $5.3 billion, according to Sunday’s statement. Sun Communities Inc., a real estate investment trust, also bid on the portfolio, according to the report. After it merges with Replay Acquisition Company, Finance of America will receive a $250 million investment from institutional investors, according to the Wall Street Journal, which first reported the merger. The firm values its real estate portfolio at $329 billion, with $167 billion of investor capital under management. Blackstone, founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, has grown to become one of the dominant buyout firms alongside the likes of KKR & Co. and Carlyle Group. This category only includes cookies that ensures basic functionalities and security features of the website. Blackstone plans to spend tens of millions of dollars upgrading the housing stock and enhancing the common area amenities, such as pools and clubhouses. Round-up of top news and topics for each of the following cities: Editorially-curated headlines and news to know for the following areas: The numbers behind office leases, retail, sales and financing. For full functionality of this site it is necessary to enable JavaScript. [Financial Times] — Georgia Kromrei. Company plans to go public through a SPAC at a $1.9B valuation. Blackstone added that it would work with its lenders and Club Quarters, the company managing the four hotels securing the loan, “to create the best possible outcome under the circumstances for all parties, including the employees.”. Necessary cookies are absolutely essential for the website to function properly. login. These cookies will be stored in your browser only with your consent. © 2020 - Commercial Property Executive
Blackstone isn’t alone in making big wagers on the continued growth of e-commerce. Blackstone would acquire the assets through its longer-hold, income-oriented vehicle Blackstone Real Estate Income Trust (BREIT). In all, this year the firm has originated $19.2 billion in securitized mortgages as of Oct. 1, 2020, according to data from Recursion Companies. Though the money raised in the deal goes to current owners, the person said becoming a publicly traded company will allow the consumer-lending platform to raise additional capital more easily going forward. Like most mortgage lenders, the Blackstone portfolio company has benefited from ultra-low interest rates and a phenomenal rise in refinancing business. Site by, The forbearance crash bros spoke too soon, Fannie Mae’s Doug Duncan offers his predictions for 2021, Ahead of its big IPO, United Wholesale Mortgage reports record volume and margins. Welcome to BRE Hotels & Resorts, where we deliver industry-leading returns for stakeholders by driving excellence at every property within our diverse portfolio. These cookies do not store any personal information. By clicking Subscribe you agree to our Privacy Policy. BRE fosters a spirited, entrepreneurial culture where innovation is encouraged and initiative, celebrated.
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