Blackstone Mortgage Trust, M&T Form GSE-Focused Partnership

Borrowers will have expanded access to multifamily agency financing.

Property at 18 Sixth Ave., Brooklyn, N.Y.

M&T provided a 10-year fixed-rate $414.8 million Freddie Mac refinancing for Brooklyn Crossing, a Brooklyn, N.Y., property owned by The Brodsky Organization and Greenland USA. Image courtesy of M&T Realty Capital Corp.

Blackstone Mortgage Trust has struck a partnership with M&T Realty Capital Corp. that will enable its borrowers to secure agency financing for conventional and affordable multifamily loans, the companies announced on Friday.

The financing would be accessed via M&T’s Fannie Mae DUS and Freddie Mac Optigo lending platforms.
This new partnership expands Blackstone Mortgage Trust’s access to agency loan product offerings. The entity has originated upward of $12 billion of multifamily bridge loans, Blackstone Mortgage Trust CEO Katie Keenan noted in a statement.

Prominent players

M&T is active in the multifamily sector. Earlier this year, the firm provided a 10-year, fixed-rate $414.8 million Freddie Mac refinancing for The Brodsky Organization and Greenland USA’s Brooklyn Crossing property in Brooklyn, N.Y. M&T had previously originated a $460 million construction loan for the project, according to Yardi Matrix data.

Blackstone affiliates continue to be dominant players in multifamily. The private equity giant agreed to acquire Tricon Residential in a $3.5 billion deal at the start of this year. Via Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust, the firm agreed to take the target private through the acquisition of all outstanding common shares of Tricon for $11.25 per share.

In a more recent deal, Blackstone Real Estate Income Trust KKR sold a 19-asset student housing portfolio to KKR for $1.64 billion.

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