Blackstone was granted a three-month forbearance to allow for the sale of the remaining assets in the loan, according to Morningstar. The BX 2021-21M Mortgage Trust deal was originally collateralized by 21 multifamily properties encompassing 6,671 units, but the CMBS loan’s portfolio is now six properties totaling 1,842 units.
David Putro, associate managing director at Morningstar, said the remaining properties in the portfolio are generating “slightly more” cash flow than they were underwritten at, according to special servicer commentary.
Barclays and Morgan Stanley co-originated the CMBS transaction, which was structured as a floating-rate, interest-only first-lien mortgage loan. Blackstone acquired the portfolio through multiple off-market, all-cash acquisitions from April through September 2021, according to a Fitch Ratings commentary at the time of the deal.