Blackstone

IH 2018-SFR1 refinances three earlier transactions (one each from 2013, 2014 and 2015) and is initially sized at $1.1 billion; it may be upsized to $1.3 billion, depending on investor demand.

Blackstone originally included 21 of the 23 properties as collateral for a $2 billion loan issuance and securitization in 2016 to partially fund its $8.8B BioMed Realty buyout.

The €300 million Taurus 2018-1 also finances Italian retail assets that the Partners Group, based in Switzerland, purchased from the Blackstone Group in February.

The Market Center buildings in San Francisco's South Financial District includes Uber, Mindspace and TIBCO Software as tenants.

Nonbanks are originating more commercial mortgages on fixer-uppers in response to a sharp drop in the cost of funding in the securitization market. These deals are said to be "vastly different" than other CRE instruments that sustained big losses in the crisis — so far.

Just one year after it got a $1.05 billion loan from a trio of banks (Goldman, BofA and Citi), Blackstone has obtained a new, $1.3 billion loan from two more banks: Barclays and Deutsche.

It has obtained a $1.4 billion mortgage from four banks on a portfolio of 27 buildings that were previously securitized in a 2016 transaction, according to rating agency reports.

Demand for hotel rooms is running high, and mortgage bond investors are lining up to finance acquisitions and upgrades of even the largest resorts.

The new transaction, the $608 million Business Jet Securities, Series 2018-1, is less than half the size of the $1.48 billion deal pulled in September; it also appears to be less risky, by several measures.

Blackstone used the $189 million mortgage to help finance its purchase of the Turtle Bay Resort; it's planning to add rooms, but the new development will be held outside the trust.