The JV's floating rate, first mortgage loan product targets assets prior to their eligibility for permanent agency financing - an addressable market north of $20B.
It's a win-win, says JMP's Steve Delany thanks to Blackstone's $2.9B market cap and WD's position as the market's largest pure-play multifamily lender. Look for the JV to be discussed in greater detail in upcoming earnings calls.
KBW's Jade Rahmani is also thinking win-win, with WD seeing potential management fees, equity returns, and a free-up of capital, and BXMT getting additional originations sources.
Analyst reactions via Bloomberg
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