Benefit Street Partners acquires assets from Broadstone Real Estate

Benefit Street Partners (BSP), a credit-focused alternative asset management firm, is to purchase certain real estate related assets from Broadstone Real Estate (Broadstone). 

As part of the transaction, BSP was appointed the new investment adviser to two real estate focused funds, effective immediately. In total, the transaction adds over USD450 million in alternative assets under management to the firm. BSP also hired Broadstone’s distribution team of sales specialists. The terms of the transaction have not been disclosed.

 
The purchase expands Benefit Street Partners’ real estate platform, which has been focused on commercial real estate debt. BSP currently manages a commercial mortgage REIT, Benefit Street Partners Realty Trust, with USD3.2 billion in total assets under management. The two Broadstone funds include a private multi-family REIT, Broadtree Residential, and a real estate focused interval fund.
 
“This transaction brings a strong team of real estate investment professionals and alternative sales specialists to BSP,” says Richard Byrne, President of Benefit Street Partners. “The addition of these funds and distribution capabilities will serve to grow and enhance our platform.”
 
Willkie Farr & Gallagher LLP served as legal counsel to BSP.