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..
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.