A Manhattan office building backed by Pimco"s Columbia Property Trust and Cannon Hill Capital Partners has been sold for $255 million, approximately 6% less than the value of its debt from Blackstone Mortgage Trust. This sale highlights the ongoing challenges in New York City"s property market.
Blackstone Mortgage Trust, Inc. is a real estate finance company that focuses on originating senior loans secured by commercial real estate across North America, Europe, and Australia. Its primary investment objective is to preserve shareholder capital while generating attractive risk-adjusted returns through dividends from its loan portfolio, which consists mainly of loans backed by high-quality institutional assets in major markets. The company operates as a real estate investment trust and is externally managed by BXMT Advisors L.L.C.
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