Blackstone Group borrows $80M from PNC Bank for acquisition of Canarsie Plaza shopping mall

Blackstone Group through the entity Breit Canarsie Owner LLC as borrower signed a loan agreement with lender PNC Bank valued at $80.4 million for 7 parcels that make up the shopping center Canarsie Plaza at 8717 Foster Avenue, 8923 Avenue D, 8929 Avenue D, 862 Remsen Avenue, 856 Remsen Avenue, and others in Canarsie. The deal closed on December 11, 2019 and was recorded on December 24, 2019. The loan was to finance Blackstone’s acquisition of the mall for $130 million, which occurred at the same time.

Blackstone assumed the $75 million in prior debt provided by PNC Bank and added $5.4 million in new debt.

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