Signature Bank (SBNY)

[makinezmoney]

$SBNY: Blackstone and CanadaPension took bigggggggggggg stakes..................

So I think they know what they are doing in Signature.

The assets are undeniable............... they will make out like Gangbusters here.


https://www.pionline.com/alternatives/canada-pension-plan-blackstone-take-stake-signature-bank-portfolio


GO $SBNY



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December 15, 2023 09:54 AM
Canada Pension Plan, Blackstone take stake in Signature Bank portfolio

Buck Ennis
Canada Pension Plan Investment Board, Toronto, along with some units of Blackstone and Rialto Capital have acquired a 20% stake in a nearly $17 billion portfolio of commercial property loans from Signature Bank, which collapsed in March, said a Dec. 14 release issued jointly by Blackstone, CPP Investments and Rialto.

Specifically, Blackstone Real Estate Debt Strategies, Blackstone Real Estate Income Trust, CPP Investments (through its subsidiary CPPIB Credit Investments III) and funds affiliated with Rialto Capital entered into a newly formed joint venture with the Federal Deposit Insurance Corp. and acquired the stake for $1.2 billion.


CPPIB sells buyout fund portfolio to Ardian for $2 billion
The venture holds a $16.8 billion senior mortgage loan portfolio retained in receivership following the failure of Signature Bank.

The FDIC retained an 80% ownership stake in the venture and provided financing equal to 50% of the venture's value.

The commercial real estate loan portfolio encompassed more than 2,600 first mortgage loans on retail, market rate multifamily and office properties mostly located in the New York City metropolitan area.

"The current real estate credit market is a promising source of long-term returns for the CPP Fund and we look forward to exploring further opportunities to invest in this and other capital-constrained sectors," said Geoffrey Souter, managing director, head of real assets credit at CPP Investments, in the release. "This opportunity builds on our longstanding partnership with Blackstone and is a testament to CPP Investments' expertise in real estate credit, demonstrating our ability to transact quickly and at scale."

Blackstone will serve as the lead asset manager of the portfolio, while Rialto will act as the loan servicer and operating partner.

On Sept. 5, the FDIC said it commenced a marketing process for the approximately $33 billion commercial real estate loan portfolio retained in receivership following the failure of Signature Bank.

Blackstone has originated or acquired more than $170 billion of real estate loans and securities since the inception of its real estate credit business. Blackstone's real estate business has $332 billion of investor capital under management, and total assets of $1 trillion.

Blackstone has total AUM of $1 trillion.

Rialto has oversight of more than $100 billion of commercial real estate loans. Rialto had total assets of $15.9 billion under management as of Sept. 30.

As of Sept. 30, CPP Investments' credit portfolio totaled C$75 billion ($55.5 billion). CPP Investments had total assets of C$576 billion as of Sept. 30,