Annaly financed Blackstone’s Caiola portfolio buy

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

TRD New York /
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

arrow_forward_ios
Blackstone Real Estate Debt Strategies' Jonathan Pollack (Blackstone; iStock)

Blackstone assembles biggest real estate debt fund ever

Blackstone assembles biggest real estate debt fund ever
From left: Joe Biden, Starwood Capital's Barry Sternlicht, Blackstone's Stephen Schwarzman and Donald Trump (Getty; iStock)

Where real estate’s investment giants stand on Biden vs. Trump

Where real estate’s investment giants stand on Biden vs. Trump
Stuyvesant Town (Getty)

Layoffs at Blackstone’s Stuy Town management firm

Layoffs at Blackstone’s Stuy Town management firm
Brookfield’s Bruce Flatt and Blackstone’s Jonathan Gray

Blackstone and Brookfield are going mall shopping in India

Blackstone and Brookfield are going mall shopping in India
Blackstone's Jonathan Gray and a rendering of 350 Park (Vornado, Blackstone)

Blackstone eyes new 1M sf NYC headquarters

Blackstone eyes new 1M sf NYC headquarters
Blackstone Group president Jonathan Gray (Getty)

The future according to Blackstone: “Less density and a lot less new construction”

The future according to Blackstone: “Less density and a lot less new construction”
Blackstone's Jonathan Gray (iStock, Getty)

Blackstone says goodbye to CMBS fund

Blackstone says goodbye to CMBS fund
Blackstone COO Jonathan Gray and Club Quarters Chicago at 111 W Adams Street (Getty, Google)

Blackstone misses payment on $274M hotel loan

Blackstone misses payment on $274M hotel loan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...