Blackstone Mortgage Trust Completes Initial Closings of GE Loan Portfolio and Announces Significant Second-Quarter Originations
NEW YORK, June 1, 2015 /PRNewswire/ -- Blackstone Mortgage Trust, Inc. (NYSE: BXMT) today announced significant progress in closing its previously announced $4.6 billion acquisition of the GE Capital Real Estate mortgage loan portfolio, as well as an additional investment related to the transaction.
The initial closings totaled $1.0 billion with the remaining closings expected to be substantially completed by the end of the second quarter of 2015. BXMT has also entered into a Letter of Intent to acquire eight additional loan participation interests in the GE portfolio totaling approximately $475 million, increasing its ownership in the acquired portfolio, which are also expected to close by the end of the second quarter.
BXMT also announced that it has closed direct originations totaling $1.1 billion so far in the second quarter of 2015, of which $590 million was financed through the syndication of non-consolidated senior interests. Over $900 million of additional directly originated loans have agreed terms and are in the closing process.
Stephen Plavin, BXMT's Chief Executive Officer, said, "The opportunity to increase our investment in the GE loans by approximately $475 million combined with the $1.1 billion of direct originations closed and the $900 million of loans in closing underscores the power and reach of our platform."
About Blackstone Mortgage Trust
Blackstone Mortgage Trust, Inc. (NYSE: BXMT) is a real estate finance company that originates and acquires senior loans collateralized by properties in North America and Europe. BXMT is externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone, and is a real estate investment trust traded on the NYSE under the symbol "BXMT." The company is headquartered in New York City. Further information is available at www.bxmt.com.
Forward-Looking Statements
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Blackstone Mortgage Trust's current views with respect to, among other things, Blackstone Mortgage Trust's loan portfolio acquisitions and operations and financial performance. These amounts do not represent projections of future results and may not be realized. You can identify these forward-looking statements by the use of words such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone Mortgage Trust believes these factors include but are not limited to those described under the section entitled "Risk Factors" in its Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and under the section entitled "Risk Factors Related to the Loan Portfolio Acquisition" in its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2015, as such factors may be updated from time to time in its periodic filings with the SEC which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the filings. Blackstone Mortgage Trust assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.
SOURCE Blackstone Mortgage Trust, Inc.
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