Benefit Street Partners (BSP) has purchased certain real estate–related assets from Broadstone Real Estate. The terms of the transaction were not disclosed.
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 more than $450 million in alternative assets under management to the firm. BSP also hired Broadstone’s distribution team of sales specialists.
The purchase expands BSP’s 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 $3.2 billion in total assets under management. The two Broadstone funds include a private multifamily 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,” said Richa
