CMBS

A joint venture between Blackstone, GIC and LBA landed the refinancing for a 41-property logistics portfolio.

Real estate private credit lenders helped complete the capital stack, which comprises a $415m CMBS loan, a $40m B-note and a $60m mezzanine loan, according to Newmark.

Credit rating agency KBRA took the action following the latest valuation of the asset.

The region’s institutional equity markets are reasonably transparent. The private debt markets must follow suit.

This week’s CRE Finance Council conference in New York used the music of the legendary rocker to put today’s market into context.

The sponsors acquired the property through a distressed commercial mortgage-backed securities loan.

Access to detailed information at both market and asset level will determine real estate credit managers’ ability to identify and price risk in a fast-changing market, argues BGO’s Jim Blakemore.

The New York-based manager re-ups on its trophy office asset stake in the Hudson Yards submarket.

The leading sector of the commercial mortgage-backed securities market also has its B side despite strong origination momentum.