Blackstone Said to Get $2.1 Billion Loan for Home Purchases (Foreclosure) [View all]
via Carlos of Occupy Fights Foreclosures.
http://www.bloomberg.com/news/2013-03-13/blackstone-said-to-get-2-1-billion-bank-loan-for-home-purchases.html
Blackstone Group LP (BX), manager of the largest real estate private-equity fund, has expanded a credit line to buy single-family homes to $2.1 billion from $600 million, according to a person with knowledge of the deal.
Deutsche Bank AG (DBK) is leading the syndicate of banks, said the person, who asked not to be named because the loan is private. Other lenders include Bank of America Corp., Credit Suisse Group AG (CSGN), Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM)
Blackstone has invested $3.5 billion to buy 20,000 single- family rental homes since last year, making the New York-based company the largest investor of its type in the U.S. The firm is rushing to acquire properties as housing prices recover and as demand for rentals increases among people who can’t qualify for a mortgage or don’t want to own.
Blackstone spokesman Peter Rose and Deutsche Bank spokeswoman Renee Calabro declined to comment. The firm had been trying to increase the loan to $1.2 billion.
(More at the link.)