Blackstone Venture Said to Eye Sale of New York Property Debt

A joint venture that includes Blackstone Inc. is seeking to sell roughly $395 million of commercial-property loans in the New York area, offloading some of the Signature Bank debt that it bought in 2023, according to people familiar with the matter who asked not to be identified citing private information.

The venture, which also includes Canada Pension Plan Investment Board and Rialto Capital, is offering a portfolio comprising 121 performing loans that are backed by offices, apartments, as well as retail and industrial properties, according to marketing materials viewed by Bloomberg.

The assets are largely concentrated in New York City, ...