Blackstone Real Estate Debt Strategies (BREDS), the real estate debt investment business of The Blackstone Group, has announced the final closing of its most recent debt strategies fund, Blackstone Real Estate Special Situations Fund II (BSSF II). Along with previously announced commitments, this closing brings total commitments in BREDS funds to $3.5 billion.
According to the company, the BSSF II will provide debt capital to the commercial real estate industry. Recent fund transactions have included mezzanine loans that facilitated two New York projects – RLJ Development's acquisition of the Doubletree Metropolitan Hotel and Savanna Partners' acquisition and recapitalization of 1375 Broadway – as well as the mezzanine financing for Republic Properties Corp.'s recapitalization of its 25 Massachusetts Avenue office building in Washington, D.C, and the refinancing of the Four Seasons Austin and Miami Airport Corporate Center.
SOURCE: The Blackstone Group
