Term Sheet: Blackstone’s €680m refinancing, Cheyne and Berlin Hyp’s office loans, ARA’s property credit reshuffle

Blackstone’s €680 million Spanish hotels refinancing demonstrates lender appetite for certain sponsors and properties; Cheyne Capital and Berlin Hyp provide office loans to sponsors with transformation plans; Singapore’s ARA reorganises its European property lending businesses; and more in today’s briefing, exclusively for our valued subscribers.