The Blackstone-led venture will sell a $395 million loan in New York.

According to a report by Bloomberg News based on sources close to the matter, a joint venture involving Blackstone Inc. plans to sell approximately $395 million worth of commercial real estate loans in the New York area. These loans were acquired in a deal with Signature Bank in 2023.

The venture, which includes the Canada Pension Plan Investment Board and Rialto Capital, offers a portfolio consisting of 121 performing loans. The loans are secured by various types of real estate, including offices, apartments, retail, and industrial properties. While most of the secured properties are located in New York City, some are spread across the broader tri-state area. Marketing of the debt is being led by a team from Newmark Group Inc., headed by Doug Harmon and Adam Spies, with a deadline for initial bids set for March 25.