Blackstone Real Estate Debt Strategies, Blackstone Real Estate Income Trust, CPP Investments, Rialto Capital and Federal Deposit Insurance formed a joint venture.

Blackstone Real Estate Debt Strategies, a company providing financing solutions across the capital structure and risk spectrum, Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, CPP Investments, a global investment management organization, Rialto Capital, an integrated investment management and asset management platform, and Federal Deposit Insurance, a United States government corporation supplying deposit insurance, formed a joint venture, to acquire a 20% stake in the venture which holds a $16.8 billion senior mortgage loan portfolio retained in receivership following the failure of Signature Bank. “We are excited to invest in this compelling, large-scale opportunity on behalf of our BREDS and BREIT investors. Blackstone’s extraordinary real estate insights and credit expertise positioned us to underwrite approximately $17 billion of senior mortgage loans, allowing us to acquire the entire commercial real estate loan portfolio at an attractive basis. We look forward to working with our borrowers and our partners to maximize the potential of these assets,” Jonathan Pollack, Blackstone Real Estate Credit Global Head.