Blackstone to Land a $1.7B Industrial Portfolio Refi
A collection of 76 assets backs the transaction.
Blackstone is set to secure a $1.7 billion CMBS refinancing loan for a 76-asset national industrial portfolio, according to a KBRA report. The deal is set to close about October 9.
Wells Fargo Bank, Goldman Sachs Bank USA, Bank of Montreal, Natixis Real Estate Capital and Société Générale Financial Corp. are expected to co-originate the note.
The non-recourse, first-lien and floating-rate mortgage loan has an initial two-year term with three, one-year extension options. Proceeds will refinance existing debt in the amount of $1.5 billion, pay closing costs, fund upfront reserves and return approximately $105 million in equity to the sponsor.
Computershare Trust Co. will act as the trustee, while KeyBank National Association will be both the servicer and special servicer.
A collection spanning 18 states
The 19 million-square-foot portfolio spans 18 states. Bulk warehouses account for 54.4 percent of the total, followed by warehouses at 34.3 percent and light industrial properties at 10.7 percent. Two land parcels make up the remaining 0.6 percent.
The largest concentrations are in Atlanta (11.2 percent), Minneapolis (10.2 percent), Philadelphia (9.1 percent), Memphis (7.7 percent) and Chicago (7.3 percent).
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The properties have an average age of 23 years and a weighted average construction year of 2003. Fifteen assets were completed after 2010.
The portfolio was 96.1 percent leased as of September to 120 unique tenants. Of the total, 33 are single-tenant properties. FedEx represents the largest share of the base rent at 13.9 percent, through leases across eight properties.
The largest asset by allocated loan amount is 3000 AM Drive, a nearly 935,600-square-foot warehouse in Quakertown, Pa., with $155 million or 9.1 percent of the total. The next-largest assets—440 Interstate W. Parkway in Austell, Ga., and 201 S. Interstate 45 in Wilmer, Texas—comprise roughly 3.8 percent of the total portfolio each, with an allocated $64.9 million and $64.1 million, respectively.
Blackstone’s recent CMBS deals
Blackstone landed another major CMBS loan in recent months. In a joint venture with GIC and LBA, the company secured $950 million for a 41-asset national collection. The bulk of the portfolio was located in California (41.2 percent) and was 84.8 percent leased to more than 65 unique tenants, with Amazon being the largest. Wells Fargo and JPMorgan Chase co-originated the loan.
In June, Blackstone also received 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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