Atlantic Union closes sale of $2B of CRE loans to Blackstone

Atlantic Union Bankshares Corporation (AUB) and Blackstone (BX) jointly announced the closing of the sale of approximately $2B of the Bank’s performing commercial real estate loans acquired from Sandy Spring Bank to vehicles affiliated with Blackstone Real Estate Debt Strategies. The CRE loan sale was contemplated and announced as part of Atlantic Union’s merger with Sandy Spring Bancorp, Inc., which closed on April 1, 2025. “After closing our acquisition of Sandy Spring, we have been focused on integration and execution,” said John Asbury, president and CEO of Atlantic Union. “Today’s announcement is another proof point of Atlantic Union’s ability to execute and deliver on transactions that create long-term value for our shareholders. We were pleased to work with Blackstone Real Estate on this transaction, which both sides executed seamlessly. The loan sale transaction reduces our CRE concentration and frees up capacity for potential future growth.” The Bank intends to use the proceeds from the loan sale to pay down certain high-cost deposits and certain other high-cost funds, as well as to add to its securities portfolio.