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Wall Street Journal

Blackstone Buys Another $2 Billion in Discounted Commercial Real-Estate Loans

Blackstone is snapping up another $2 billion in commercial real-estate loans, extending the firm's spending spree on discounted debt in the troubled sector. The loans are performing and backed by apartment buildings and neighborhood retail. But Blackstone is buying the loans at a roughly 7% discount of their face value from Richmond, Va.-based Atlantic Union Bankshares because the loans were made before interest rates jumped, and have lost value.