According to Trepp, a $270M Blackstone loan has gone into special servicing.
The loan is collateralized by 11 Manhattan rental properties, totaling around 637 units.
- The commercial mortgage-backed securities loan, known as BX 2019-MMP, was originated by Morgan Stanley in 2019.
- According to Commercial Observer, the loan was put on servicing watchlist for triggering the debt service coverage ratio.
- Sources told Commerical Observer that the portfolio requires higher capital expenditure than expected and that Blackstone does not believe the best use of its capital is to continue to fund cash-flow shortfalls.
- Blackstone plans to continue operating the properties as normal until a loan resolution is reached.
