Special Servicer for Blackstone Portfolio

It’s rough out there for a real estate investor. Yet another case in point: A $271 million commercial mortgage-backed securities loan on a Manhattan portfolio co-owned by Blackstone, one of the world’s largest investment managers, has been sent to special servicing. Also, coworking in the suburbs is apparently on the rise as workers shun daily trips to the office in favor of more flexibility. Have a good holiday weekend.

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— Tom Acitelli, Co-Deputy Editor

Blackstone’s $271M Loan on Manhattan Multifamily Portfolio Hits Special Servicing

The $271 million commercial mortgage-backed securities (CMBS) loan on Blackstone’s Manhattan multifamily portfolio has been sent to special servicing, according to a Trepp alert, CRED iQ data and sources familiar with the transfer. The loan backs the BX 2019-MMP CMBS deal and is collateralized by 11 multifamily properties totaling 637 units in Chelsea, the Upper East Side and Midtown South. “We continue to focus on delivering a best-in-class experience for our residents while we work with our lenders on the capital structure,” a Blackstone spokesperson told Commercial Observer, declining to comment further. The loan was still marked as current as of this month, and — according to CRED IQ data — a specific transfer for the special servicing transfer wasn’t given in commentary. The loan was, however, put on the servicing watch list in November for tripping its floating-rate debt service coverage ratio (DSCR) trigger.

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Coworking Spaces in Suburbs On the Rise

At the outset of the pandemic, Americans moved to the suburbs in droves, encouraged by the idea of working remotely. Now, wanting to keep their commute-free lifestyle, workers need an office space closer to their picket fence, so coworking spaces outside of major metro areas have been popping up in record numbers. Roughly 45 percent of the coworking spaces across the country are now in the suburbs, with 37 areas across that offer at least 10 coworking locations, according to research by Coworking Café based on its proprietary data. Los Angeles checks the highest number of suburban coworking spaces at 361, including 91 in Irvine, the country’s largest suburb. The Washington, D.C., metropolitan area ranked second with 160 coworking spaces.

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