YONKERS, NY — The Wall Street Journal today reported that the “Blackstone Group LP and Wells Fargo & Co. reached a deal with Allied Irish Banks PLC to buy a pool of about $600 million in U.S. commercial-property loans.”
The two firms are buying the loans which are comprised of “a mix of hotels, office buildings and retail properties in several states for a discount of 15% to 20% off face value.”
While many of the assets in the Allied Irish pool are portions of larger loans that were syndicated. The collateral includes the new Ridge Hill being built by developer Forest City Ratner Cos. in Yonkers, N.Y., The Wall Street Journal was told..
The Wall Street Journal suggests “The sale comes as investors' appetite for commercial property has cooled recently given economic uncertainty, pulling back after prices rose in the first half.”