Connect News Commercial Real Estate news for every market and every facet, every day.
Connect Events Live and virtual events bringing together the best of information and networking.
Connect Creative A full service marketing and PR agency.
ApartmentBuildings.com Is a dynamic platform to search for, list and promote multifamily listings nationwide.
Connect Awards View the A-list of commercial real estate & submit nominations.
Connect Media Kit Advertise, Promote, Attend, Create – Work with Connect.
About Connect Meet the team behind the machine and taste a little of the secret sauce.
Connect News

Your source for daily news covering CRE transactions and trends. Stay informed on national, regional and property sector news that matters to your business.
Connect Classroom

Offering on-demand online courses that provide continuing education credits for brokers, attorneys, appraisers and architects. Select from easily accessible video and written courses that cover a variety of CRE topics.
Find Your Course
Advertise, Promote, Attend, Create – Work with Connect.
A full service marketing and PR agency.
Meet the team behind the machine and taste a little of the secret sauce.

Canada CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Cross Border News  + Canada  |  December 15, 2023
The Canada Pension Plan Investment Board grew its assets under management by $14.7 billion in its latest quarter.
Avatar photo
By: Monte Stewart

CPPIB, Blackstone Acquire Signature Bank CRE Mortgages

The Canada Pension Plan Investment Board has teamed up with global investment giant Blackstone to acquire a 20% stake in a new joint-venture that holds US$16.8 billion in commercial real estate mortgages

The JV was created following U.S.-based Signature Bank’s collapse. The loan portfolio comprises more than 2,600 first mortgages on retail, market rate multi-family and office real estate located primarily located in the New York metropolitan area. 

CPPIB, through its CPPIB Credit Investments subsidiary and funds affiliated with Rialto Capital, have partnered on the JV with two Blackstone subsidiaries and the U.S. Federal Deposit Insurance Corporation. The FDIC is Signature Bank’s receiver and the mortgages have been retained in receivership.

The FDIC will own 80% of the JV, the partners said in a news release issued by CPPIB. Blackstone will serve as the portfolio’s lead asset manager and Miami-based Rialto Capital will act as the loan servicer and operating partner..

Connect

Inside The Story

Canada Pension Plan Investment BoardFDIC

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.
Order Reprints
New call-to-action
New call-to-action