Blackstone REIT, Cortland Land $1.2B CMBS Loan to Recap Suburban Multifamily Portfolio

November 22, 2021 | Mack Burke | Commercial Observer

Blackstone Real Estate Income Trust (BREIT) and multifamily investor and operator Cortland have nabbed $1.2 billion in debt to recapitalize a portfolio of 17 suburban multifamily properties, according to a ratings agency analysis of the deal.

The two-year, interest-only and floating-rate commercial mortgage-backed securities (CMBS) loan was co-originated by Goldman Sachs, Bank of America and Société Générale, and it is expected to close Dec. 15, according to data from S&P Global Ratings.

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