Benefit Street Partners, an alternative credit manager owned by Franklin Templeton, has acquired $450 million worth of assets from Broadstone Real Estate.
The deal sees Benefit Street Partners acquire management of two Broadstone funds; a private multi-family real estate investment trust, Broadtree Residential, and a real estate-focused interval fund.
BSP has been appointed as the investment advisor to both funds effective immediately and adds more than $450 million of assets under management to the firm. Terms of the deal were not disclosed. Willkie Farr & Gallagher served as legal counsel to BSP.
Richard Byrne, president of Benefit Street Partners, said: “This transaction brings a strong team of real estate investment professionals and alternative sales specialists to BSP. The addition of these funds and distribution capabilities will serve to grow and enhance our platform.”
The deal expands the Benefit Street Partners real estate platform to $3.2 billion of assets under management. The platform has been focused on commercial real estate debt with a commercial mortgage REIT, Benefit Street Partners Realty Trust.
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