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Blackstone Secures $2.3B CMBS Financing from JPMorgan, Deutsche
JPMorgan Chase Bank and Deutsche Bank provided $2.3 billion of senior and subordinate financing against Blackstone Real Estate Partners VII’s portfolio of 451 Motel 6 and Studio 6 hotels encompassing a total of 51,904 rooms. The lenders will securitize $2.1 billion of the financing through Motel 6 Trust, 2017-MTL6.
The deal marks the first CMBS transaction to close in more than three weeks, though analysts indicate there’s an avalanche of issuance slated for September, which should push issuance for the year easily past last year’s $68.1 billion of volume.
Net issuance this quarter is expected to increase for the first time in more than two years, with issuance exceeding run-off. Issuance for the year has hit $49.2 billion, which puts it nearly 10% ahead of last year’s total at the same time. So far this quarter, a total of $15.2 billion in CMBS deals have priced.
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- ◦Financing
