Atlantic Union sells $2B CRE portfolio to Blackstone unit

UPDATE: This article includes a new comment by Atlantic Union.

In a deal that closes the loop on its transformative acquisition of Sandy Spring Bank, Atlantic Union Bankshares said it sold $2 billion in performing commercial real estate loans to Blackstone Real Estate Debt Strategies. 

The $38 billion-asset Atlantic Union announced its intent to sell a CRE portfolio in October, when it struck its $1.3 billion deal for Sandy Spring. The subsequent loan sale, announced late Thursday, reduces Atlantic Union’s CRE exposure while providing the means to pay down…