{"id":1004201780,"date":"2017-12-26T06:24:37","date_gmt":"2017-12-26T14:24:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004201780"},"modified":"2022-12-08T19:03:16","modified_gmt":"2022-12-09T03:03:16","slug":"blackstone-closes-1b-clo","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-closes-1b-clo\/","title":{"rendered":"Blackstone Closes $1B CLO"},"content":{"rendered":"<p>By Scott Baltic<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/money.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004162026\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/crowdsourced-debt-growing-option-for-small-properties\/money\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/money.jpg\" data-orig-size=\"1024,658\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"money\" data-image-description=\"&lt;p&gt;Do not use this image in other posts&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;flickr Creative Commons image courtesy of: CheapFullCoverageAutoInsurance.com&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/money.jpg?w=1024\" class=\"alignright size-medium wp-image-1004162026\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/money.jpg\" alt=\"money\" width=\"300\" height=\"193\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/money.jpg 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/money.jpg?resize=300,193 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/money.jpg?resize=768,494 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Blackstone Mortgage Trust Inc. has closed BXMT 2017-FL1, a $1 billion collateralized loan obligation, the largest <a href=\"https:\/\/www.commercialsearch.com\/news\/real-estate-thanksgiving\/\">commercial real estate CLO<\/a> issued since the financial crisis of 2007\u201308, BXMT announced late last week.<\/p>\n<p>The CLO transaction finances pari passu participation interests in 31 of BXMT\u2019s portfolio loans at an effective advance rate of 81.75 percent with a weighted average coupon at issuance of L+1.21 percent.<\/p>\n<p>Proceeds from the CLO issuance reportedly were used to repay BXMT credit facilities.<\/p>\n<p>\u201c<em>The closing of BXMT 2017 FL-1 represents a significant expansion of our credit capacity and a further diversification of our funding sources,\u201d <\/em>Steve Plavin, president and CEO of BXMT, said in a prepared statement.<\/p>\n<p>\u201c<em>The innovative structural features enabled market leading efficiency while preserving our flexibility as a balance sheet lender,<\/em>\u201d he continued. \u201c<em>The scale and quality of our loan portfolio uniquely positioned us to execute this highly attractive financing.<\/em>\u201d<\/p>\n<p>Wells Fargo Securities acted as sole structuring agent. Wells Fargo Securities, Citigroup and BofA Merrill Lynch acted as co-lead managers and joint bookrunners. Soci\u00e9t\u00e9 G\u00e9n\u00e9rale acted as co-manager.<\/p>\n<p>As of press time, BXMT had not responded to <em>Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n<h2>A rating agency weighs in\u00a0<\/h2>\n<p>The CLO\u2019s Class A notes are initially collateralized by a pool of 31 CRE non-controlling pari passu participation interests in 71 properties, according to a research note issued the same day by Moody\u2019s Investor Service, which rated the Class A notes as Aaa. BXMT also issued six classes of subordinated notes.<\/p>\n<p>All portfolio assets are 100 percent floating-rate obligations with a 3.59 percent weighted average spread, also according to Moody\u2019s.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CRE collateralized loan obligation, which diversifies the company&#8217;s funding sources, is the largest of its kind since the financial crisis. <\/p>\n","protected":false},"author":882,"featured_media":1004162026,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21825,23891,21742],"tags":[35941,33169,38344],"class_list":["post-1004201780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-finance","category-national","category-latest","tag-blackstone-mortgage-trust","tag-citigroup-inc","tag-wells-fargo-securities"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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