Blackstone Defaults On $562MM CMBS As It Keeps Blocking Investor Withdrawals From $71BN REIT
Now that soaring rates have burst the commercial real estate bubble, the carnage is coming fast and furious.
This morning Bloomberg reports that Wall Street's largest commercial real estate landlord, private equity giant Blackstone, has defaulted on a €531 million ($562 million) bond backed by a portfolio of offices and stores owned by Sponda Oy, a Finnish landlord it acquired in 2018.
The Daily News from the Art of Liberty Foundation is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
While the PE firm had sought an extension from holders of the securitized notes to allow time to dispose of assets and repay the debt, the surge in market volatility triggered by the war in Ukraine and rising interest rates interrupted the sales process and bondholders voted against a further extension, the Bloomberg sources said.
The Everything Bundle – The Sampler of Liberty!
Give me Liberty... and give me more! The Everything Bundle includes the latest version of our flagship book on government, along with a collection of potentially life-altering introductions to anarchy, agorism and voluntaryism.
“Government” – The Biggest Scam in History… Exposed! by Etienne de la Boetie2 - How inter-generational organized crime rus the "government", media and acadmia to tax-farm populations.
The Liberator is a 64GB wafer flash drive filled with books, documentaries, podcasts, MP3s, short videos, and music from the truth movement’s leading artists. The credit card-sized format makes it convenient to keep in your wallet to share and copy easily.
Anarchy Exposed! - A former police officer reports on his investigative journey by Shepard the Voluntaryist and Larken Rose
The Most Dangerous Superstition by Larken Rose - The ultimate expose on the illegitimacy and illogicalness of "Government"
Sedition, Subversion and Sabotage – Field Manual #1 by Ben Stone, The Bad Quaker, and Ken Yamarashi
What Anarchy Isn’t – A short pamphlet by Larken Rose… The perfect introduction to peaceful anarchy
Three Friends Free – A Children’s Story of Voluntaryism
"Blackstone may I redeem my investement😁?"
Blackstone " "Litigate bitch."