Blackstone Secures $1.4B Loan

August 4, 2025

The refinanced portfolio totals 9.7 million square feet and spans 10 states.

Aerial shot of the Las Vegas Logistics Center, a 1 million-square-foot industrial park in North Las Vegas, Nev. — In a recent transaction, Link Logistics sold a Class A industrial portfolio spanning 1 million square feet across three facilities in North Las Vegas, Nev. Image courtesy of Colliers

Blackstone Real Estate Partners has obtained nearly $1.4 billion to refinance a portfolio of 67 properties totaling about 9.7 million square feet and spanning 10 states and 16 markets, according to a Fitch Ratings report. The two-year, floating-rate, interest-only mortgage has three one-year extension options. The borrower also has a one-time right to obtain a mezzanine loan.

Proceeds will be used to refinance about $1.37 billion of existing debt, pay $28.0 million in closing costs and recapitalize about $125.0 million of unencumbered assets.

Lenders include Wells Fargo Bank, Bank of America, Natixis and Societe Generale Financial Corp. The transaction is scheduled to close on Aug. 19.

It’s expected that Trimont LLC will be the servicer, with Situs Holdings LLC as special servicer. Computershare Trust Co. will act as certificate administrator, while Deutsche Bank National Trust Co. will act as trustee. Pentalpha Surveillance LLC will serve as operating advisor.

Managed by Link Logistics, the properties were acquired by subsidiaries of Blackstone Real Estate Partners I.X. LP from 2020 to 2022. They include 63 industrial facilities, one industrial outdoor storage asset, one office property and two excess land parcels in 15 metro areas and 16 markets.

In a recent transaction, Link Logistics sold a Class A industrial portfolio spanning 1 million square feet across three facilities in North Las Vegas, Nev. This transaction marks one of the market’s largest infill industrial deals of 2025.

A deeper look at the drivers

According to Fitch, the collection’s most prominent metros are California’s Inland Empire, Atlanta and Los Angeles. The rating agency further noted that “the portfolio also exhibits significant tenant diversity, as it features over 500 distinct tenants.”

Fitch has estimated the portfolio’s stressed net cash flow at $84.1 million, which is a 19.8 percent haircut to the issuer’s underwritten figure. The $1.375 billion note equates to debt of about $140 per square foot, representing about 67.2 percent of the appraised value of $2.05 billion.