Thursday, March 30, 2023

Blackstone Founder to Back CMBS Bonds?

The Real Deal

Two months after a $271 million Blackstone loan secured by 11 Manhattan multifamily buildings went to special servicing, Moody’s downgraded the CMBS debt, citing cash flow that wouldn’t cover the debt service.

Blackstone co-founder Stephen Schwarzman need only use a small portion of his $1.27 billion in 2022 pay to make CMBS bondholders whole.  I'm sure he'll get right on that... 

Of course he won't.  It's the PEU way.

Update 3-31-23:  The man who gates BREIT withdrawals and marks assets to fantasy standards said Silicon Valley Bank failed due to people with IPhones.

Update 4-3-23:  Schwarman's gate remains on BREIT:

"individuals asked Blackstone to redeem $4.5 billion from BREIT, but the PE firm only allowed $666 million to be withdrawn."