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High-rise commercial buildings

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Alternative Assets  + Real Estate  | 
Prime Finance Buys $760M in CRE Loans from Blackstone

Prime Finance Buys $760M in CRE Loans from Blackstone

Prime Finance has acquired eight performing commercial real estate loans from Blackstone Real Estate Debt Strategies, with a combined unpaid principal balance of about $760 million secured by office and multifamily properties across five U.S. states.

Prime Finance completed the acquisition through its Strategic Capital Solutions strategy, which buys existing loans on the secondary market and arranges financing tailored to commercial real estate owners and sponsors.

“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, a principal at Prime Finance and head of Strategic Capital Solutions.

The deal adds to Prime Finance’s investments across commercial real estate credit. Founded in 2008, the firm provides floating-rate bridge loans and special situations financing and invests in commercial mortgage-backed securities. It reported more than $15.2 billion in assets under management as of June 30.

Polsinelli served as legal counsel to Prime Finance. CBRE advised Blackstone Real Estate Debt Strategies on the loan sale, while Gibson Dunn served as its legal counsel.

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Prime FinanceBlackstone Real Estate Debt Strategies

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.