Annaly financed Blackstone’s Caiola portfolio buy

Maryland-based REIT provided nearly-$600M loan for the 24-building deal

Sep.September 21, 2015 11:30 AM

When Shakespeare wrote “Neither a borrower nor a lender be,” he wasn’t arranging to buy 24 Manhattan apartment buildings.

Annaly Capital Management financed the Blackstone Group and Fairstead Capital’s purchase of the 24-building Caiola portfolio, which closed last week, to the tune of $592 million.

The Libor-based floating-rate loan will have a term of five years, and require only interest payments for its full term.
The multifamily building portfolio contains 979 units located throughout Midtown, in Chelsea, Murray Hill and on the Upper East Side, the New York Observer reported.

The deal, for $690 million, was one of the largest in New York this year. Thor Equities’ Joe Sitt had, in January, been in contract to buy the portfolio for nearly $800 million.

Blackstone, America’s biggest private landlord, has more than $92 billion in assets under management. Its latest $15.8 billion global fund is the largest in the company’s history. [NYO]Ariel Stulberg


Related Articles

Clockwise from bottom left: 62-60 99th Street in Rego Park, 850-870 Third Avenue in Sunset Park and Square Mile Capital’s Craig Solomon with renderings of 550 Clinton Avenue in Brooklyn (Credit: Google Maps; Getty Images; Morris Adjmi Architects)

These were the top outer borough loans last month

Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone sells office tower at 44 Wall Street for $200M

Brookfield Property Group’s Brian Kingston, Blackstone Group's Jonathan Gray and 1 Liberty Plaza (Credit: Google Maps)

Brookfield, Blackstone consider One Liberty Plaza sale

Liberty View Plaza at 850 3rd Avenue and Marvin Schein (inset) (Photo by Axel Dupeux)

City lets Salmar bring office tenants to Brooklyn industrial property

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Blackstone's Jonathan Gray and an aerial of Industry City (Credit: Getty Images and Google Maps)

Industry City gets $720M refinancing

From left: Blackstone's Jonathan Gray, Joseph Simone of Simone Development and 535 Zerega Avenue in the Bronx (Credit: Google Maps, Simone Development)

Blackstone buys Bronx warehouse for $29M from controversial carter

Canarsie Plaza and Blackstone’s Kathleen McCarthy (Credit: Google Maps and Blackstone)

Blackstone picks up Canarsie shopping plaza for $130M