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"individuals asked Blackstone to redeem $4.5 billion from BREIT, but the PE firm only allowed $666 million to be withdrawn."
