Blackstone JV to Secure $950M for Industrial Portfolio
The deal is backed by a 41-asset collection.
A joint venture between Blackstone, GIC and LBA is set to secure a $950 million CMBS single-borrower refinancing loan backed by a 41-asset portfolio, according to a Fitch Ratings report. Wells Fargo and JPMorgan Chase will co-originate the loan, with the deal expected to close later this month.
The floating-rate, non-recourse, first-lien note carries full-term interest-only payments and has an initial two-year term and up to three one-year extensions options. The loan will be used to refinance existing debt and also encompasses closing costs.
Deutsche Bank National Trust Co. will serve as trustee, BSP Special Servicer LLC as special servicer, while Trimont LLC will act as servicer.
A majority of California assets
Industrial properties account for 98 percent of the 8.3 million-square-foot portfolio, while the remaining assets comprise an office property and a land parcel. The majority of the collection is located in California (41.2 percent). Here, most facilities are in Los Angeles (10.7 percent), Orange County (6.7 percent) and East Bay (6.3 percent). The loan also covers Chicago (13 percent), Philadelphia (7.1 percent), Seattle (7 percent) and Orlando (6 percent).
The average age of the collection is 24 years, with almost 45 percent of the properties coming online starting 2000. The average clear height for the buildings is approximately 28 feet.
As of June, the portfolio was 84.8 percent leased to more than 65 unique tenants, reflecting broader industrial market trends. The collection also features 23 single-tenant properties. Amazon accounts for 7.2 percent of total base rent, followed by Exel Inc. (5.1 percent), FedEx (4.8 percent), Global Mail Inc. (4.2 percent) and Clear Lam Packaging (4 percent).
READ ALSO: What Amazon’s Supply-Chain Push Means for Industrial
The largest assets by allocated loan amount are 500 West Warner Ave. in Santa Ana, Calif. (6.7 percent), 3825 Forsyth Road in Winter Park, Fla. (6 percent) and Rockefeller Crossing in Santa Clarita, Calif. (5.9 percent).
Blackstone’s recent ventures
Other recent Blackstone ventures included receiving $870 million in refinancing for five hyperscale data centers under QTS. The facilities are spread across Phoenix, Richmond, Va., and Dallas-Fort Worth, with a combined 181.5 megawatts of power and 1.5 million square feet.
Last month, the firm also secured a $1.3 billion CMBS refinancing loan for NAL1DC1, a 432,824-square-foot data center in New Albany, Ohio, in metro Columbus.
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