Blackstone Group’s real estate debt investment business, Blackstone Real Estate Debt Strategies, has closed its debt strategy fund. The Blackstone Real Estate Special Situations Fund II received nearly $3.5 billion in total commitments.

The vehicle will provide debt capital to the commercial real estate industry. The fund’s recent transactions include providing mezzanine loans that facilitated RLJ Development’s acquisition of the Doubletree Metropolitan Hotel and Savanna Partners’ acquisition and recapitalization of 1375 Broadway.

Click here for the release from Business Wire.