Cornerstone Real Estate Comes Through Big For The World’s Largest Landlord
Cornerstone originated a $335M loan for Blackstone’s acquisition of a Club Quarters Hotels portfolio, which features 1,288 guest rooms in four top-tier US markets.
The financing comes as the private equity giant’s market value has dipped so far this year, and its Q4 ‘15 profits were slashed 70%.
Cornerstone is looking to repeat the feat in 2016, taking advantage of the looming loan “maturity wall,” after completing $17B of transactions the year before, 48% of which involved real estate debt, Commercial Property Executive reports.
“2016 year-to-date investment activity is on pace with the same time frame last year,” Cornerstone CIO Jamie Henderson says.
Due to a "robust pipeline" of 2006 loans set to mature, “we believe the second half of 2016 should provide excellent opportunities for debt providers," he adds. [CPE]
