Blackstone Defaults on $90M Dallas Apartment Loan as $1.8T Debt Wall Looms
BX sits 22% above its 52-week low of $101.73 on light trading volume (0.1× avg).
Summary
Blackstone defaulted in June on a $90 million loan tied to a Northern Dallas apartment building, a concrete sign of stress in its multifamily portfolio. The default comes as U.S. apartment landlords face a $1.8 trillion debt wall, with nearly $300 billion maturing this year and refinancing costs roughly double 2020-2021 levels. Multifamily CMBS delinquency hit 7.1%, and apartment values are down over 20% from their 2022 peak. While Blackstone's overall exposure is modest relative to its $154 billion market cap, the default signals broader distress in a sector where the firm has significant investments. The article also notes distressed buyers are stepping in at steep discounts, suggesting further value erosion ahead.
At the time of this announcement, BX was trading at $124.16 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $154.2B. The 52-week trading range was $101.73 to $189.88. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.