(Reuters) -Alternative asset manager Blackstone has bought commercial real estate loans worth nearly $2 billion from Atlantic Union Bankshares, the companies said on Thursday.

The loans were part of Sandy Spring Bank, which Atlantic Union bought in a $1.6 billion deal in April.

Proceeds from the loan sale will enable Atlantic Union to pay down costly deposits and expand its portfolio of securities investments, the company said.

(Reporting by Niket Nishant in Bengaluru; Editing by Mohammed Safi Shamsi)