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Prime Finance Acquires Performing Loan Portfolio from Blackstone

Prime Finance, a San Francisco-based commercial real estate credit platform, has acquired a portfolio of eight performing commercial real estate loans with an unpaid principal balance of approximately $760 million from Blackstone Real Estate Debt Strategies (BREDS). Acquisition terms were not disclosed. The portfolio is backed by a diversified mix of office and multifamily properties across five U.S. states.

The company said the acquisition comes amid increased commercial real estate recapitalization activity following several years of dislocation. Meanwhile, legacy capital structures continue rolling over, driving demand for new capital and financing solutions.

“As commercial real estate capital structures continue to reset, we are identifying a growing set of opportunities across property types and geographies,” said Seth Fisher, principal and head of strategic capital solutions at Prime Finance.

Polsinelli served as legal counsel to Prime Finance. CBRE served as BREDS’ loan sale adviser and Gibson Dunn served as its legal counsel.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 19-plus years’ experience covering the commercial real estate industry and 35-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 11-15 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Financing