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Cash Builds for Property Debt Funds With Crisis Delayed for Now

  • Blackstone leads $14 billion in cash raising by debt funds
  • Markets starting to thaw as borrowers’ loan extensions expire

Real estate debt investors are stockpiling cash, searching for opportunities to lend to commercial-property owners hurt by the pandemic.

Property debt funds, including at Blackstone Group Inc., raised $14.1 billion from April through September, compared with $15.7 billion a year earlier, according to research firm Preqin Ltd. Yet the expected flood of deals has so far been just a trickle.