Blackstone

The private equity megalith's mortgage trust made a second-quarter net income of over $17.5 million and $85.2 million in core earnings.

The net assets in Blackstone Real Estate Income Master Fund declined to $553M on May 31 from $773M at year-end 2019.

As Las Vegas opens back up to tourists, MBS investors are being asked to roll the dice on the lodging industry that has been conspicuously absent from recent conduit deals amid the COVID-19 outbreak.

The private equity firm's REIT arm is seeking to price a second CRE loan portfolio for May, this time led by an industrial portfolio of warehouses and logistics centers. No hotel or shopping mall loans are included.

Sellers are currently willing to concede discounts of around 5%, while bidders are hoping for about 20% off pre-pandemic prices. That estimated gap, which is likely wider in specific cases, has put a freeze on deals.

Blackstone Real Estate Partners is planning a $1.7 billion bond sale secured by a commercial mortgage loan that financed its newly acquired controlling interests in Great Wolf Lodge waterpark entertainment resort properties.

BX Commercial Mortgage Trust 2019-XL, via Citigroup, features 11 note classes backed by a floating-rate, first-lien mortgage on 406 Blackstone-owned properties with a tenant roster of over 2,000 lessees — including Home Depot, UPS, FedEx and Amazon.

The loans in the deal are for timeshares in the 52-story Elara condo and hotel tower managed by Hilton Resorts Corp.

Blackstone's real estate affiliate and property management firm SITE Centers Corp. acquired the 12 centers across seven states in 2014.

BX Trust 2019-IMC is a cash-out refinancing for an existing mortgage secured by 16 showrooms used exclusively for the home furniture and decor industry.