Barings buys approximately $342M of former NYC Signature debt from Blackstone: PincusCo
Map of NYC loans Barings's affiliate purchased from Blackstone Group
Barings, the global investment manager and subsidiary of MassMutual, bought approximately 64 former New York City Signature Bank loans with an aggregated original principal of $342 million from Blackstone Group, Rialto Capital Management and Canada Pension Plan Investment Board, according to a PincusCo analysis of New York City property records. These appear to be a subset of a $373.3 million transaction, which likely includes some properties outside of New York City.
Barings, through the entity BREDIF LPA LLC (Barings Real Estate Debt Income Fund) bought the notes with an original principal (as calculated by PincusCo) of $342 million from Blackstone Group’s SIG CRE 2023 Venture LLC secured by 50 West 17th Street in Flatiron District, Manhattan, and 98 other tax lots. The deal closed on January 9, 2026 and was recorded on January 23, 2026. PincusCo for example would count two retail condominium units within one building as a single loan but two tax lots. For example Two Trees Management’s $4 million loan secured by seven commercial condominium units at 57 Front Street, 84 Front Street and 85 Adams Street.
On March 12, 2026, BREDIF LPA LLC assigned some of the loans to BREDIF REIT LLC, and then on the same day that entity re-assigned the loans to the entity Barings 2026-SBP Issuer LLC. As of publication, not all 64 loans have been re-assigned from the BREDIF LPA LLC entity.
Fitch reported April 1, 2026, on the special servicer for these loans, another Barings affiliate, Barings Real Asset Special Servicer LLC, “Barings originates CRE loans across all asset classes and markets for stabilized, asset, value- add, opportunistic, affordable, and construction loans through Barings Real Estate Debt Income Fund and BREDIF REIT LLC affiliates. BRASS received its first securitized special servicing assignments in 1Q26 for Barings 2026-SPB, a securitization comprised of 90 loans totaling $373.3 million.” The report does not mention the addresses.
A report from CRE Finance Council described the loan sale as a, “static transaction [that] comprises 90 seasoned, small-balance mortgage loans, totaling $373.3 million, secured by 101 commercial and multifamily properties in the greater New York metropolitan area. The loans were originated by the now-defunct Signature Bank between April 2015 and February 2023.”
In New York City, the loans are all $15 million and lower, secured by 99 tax lots in Manhattan, Brooklyn, Queens and the Bronx, the PincusCo analysis found. About 25 percent of the tax lots are retail (either retail or mixed-use K properties), about 25 percent multifamily, about 20 percent 3-unit buildings, and the rest are office, hotel or industrial.
There is no indication these loans are non-performing. A PincusCo analysis shows none of the properties have been in foreclosure.
Borrowers included Argo Real Estate, Liberty One Group, East Coast Management, Platinum Realty Associates, Greenbrook Partners, Alma Realty Group and others.
Top 10 former Signature Loans Barings Acquired
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | loan | owner | address | neighborhood | borough |
|---|---|---|---|---|---|---|---|---|---|
| 1 | acris | 04/25/2026 01:23 PM | acris | 04/25/2026 01:23 PM | 15,000,000 | Argo Real Estate | 50 West 17 Street | Flatiron District | Manhattan |
| 2 | acris | 04/25/2026 01:23 PM | acris | 04/25/2026 01:23 PM | 14,000,000 | Liberty One Group | 286 Audubon Avenue | Washington Heights | Manhattan |
| 3 | acris | 04/25/2026 01:23 PM | acris | 04/25/2026 01:23 PM | 14,000,000 | Liberty One Group | 500 East 134 Street | Mott Haven | Bronx |
| 4 | acris | 04/25/2026 01:23 PM | acris | 04/25/2026 01:23 PM | 13,500,000 | Leep Dual Lanaguage Academy Charter School | 5323 5 Avenue | Sunset Park | Brooklyn |
| 5 | acris | 04/25/2026 01:23 PM | acris | 04/25/2026 01:23 PM | 13,500,000 | East Coast Management | 13 West 28 Street | NoMad | Manhattan |
| 6 | acris | 04/25/2026 01:23 PM | acris | 04/25/2026 01:23 PM | 11,900,000 | Platinum Realty Associates | 108-18 Roosevelt Avenue | Corona | Queens |
| 7 | acris | 04/25/2026 01:23 PM | acris | 04/25/2026 01:23 PM | 9,500,000 | Aaron Schwartz | 688 Avenue Of The Amer | Flatiron District | Manhattan |
| 8 | acris | 04/25/2026 01:23 PM | acris | 04/25/2026 01:23 PM | 9,323,238 | Greenbrook Partners | 159 5 Avenue | Park Slope | Brooklyn |
| 9 | acris | 04/25/2026 01:23 PM | acris | 04/25/2026 01:23 PM | 9,000,000 | Alma Realty Group | 104-25 195 Street | Hollis | Queens |
| 10 | acris | 04/25/2026 01:23 PM | acris | 04/25/2026 01:23 PM | 8,400,000 | Karl Slovin | 39 West 8 Street | Greenwich Village | Manhattan |
This is another tranche of the $16.8 billion in non rent-regulated loans Blackstone and its partners acquired control of from the Federal Deposit Insurance Corporation, that it has sold. Previously, Maverick Real Estate Partners bought a package of loans totaling $247 million, The Real Deal reported in February 2024.
The Federal Deposit Insurance Corporation in late 2023 sold off stakes in Signature Bank’s $33 million real estate portfolio, by awarding Blackstone Group, Rialto Capital Management and Canada Pension Plan Investment Board a 20 percent stake in a $16.8 billion portion of the portfolio; a 5 percent stake in a $15 billion pool of rent-stabilized loan to Related Fund Management and its nonprofit partners; and awarded Santander Bank a 20 percent stake in a joint venture overseeing $9 billion in rent-regulated property loans.
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