Ballard Spahr advised Blackstone (NYSE: BX) in its agreement for vehicles affiliated with Blackstone Real Estate Debt Strategies to purchase up to $869 million of performing single-tenant lease financing loans from First Internet Bank.
The loans are expected to be sold at approximately 95 percent of the unpaid principal balance, inclusive of transaction costs. The proposed transaction is expected to close on or around September 18, 2025, subject to market conditions and customary closing requirements.
Blackstone Real Estate Debt Strategies is an alternative asset manager of real estate credit with $77 billion of investor capital under management. First Internet Bank provides consumer and small business deposit, SBA financing, franchise finance, consumer loans, and specialty finance services nationally, as well as commercial real estate loans, construction loans, commercial and industrial loans, and treasury management services on a regional basis. It is a subsidiary of First Internet Bancorp (Nasdaq: INBK).
Siobhan O'Donnell Sachs, who co-leads our Real Estate Finance practice, and Paige Presley, of our Real Estate Transactions and Investments practice, led the Ballard Spahr team assisting Blackstone in the matter.
For further information, please see Blackstone's press release.