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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.
- ◦Sale/Acquisition
- ◦Financing