Blackstone Secures $1.6B for Industrial Portfolio
Seven banks are expected to co-originate the mortgage loan.
Affiliates of Blackstone have entered into an agreement to secure a $1.6 billion mortgage loan for a 69-property industrial portfolio totaling roughly 10.5 million square feet, according to a Fitch Ratings report.
Citi Real Estate Funding Inc., Bank of America, Bank of Montreal, BNP Paribas US Wholesale Holdings Corp., JPMorgan Chase Bank, Societe General Financial Corp. and U.S. Bank National Association are expected to co-originate the note. KeyBank serves as the special servicer in the transaction, which is scheduled to close on April 22, 2026. FSB will act as trustee.
The floating-rate mortgage loan bears a two-year maturity date with three one-year extension options. Proceedings will retire approximately $1.5 billion of existing debt, as well as cover $47 million in closing costs and return $63 million in equity to Blackstone.
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The portfolio comprises 64 industrial assets, three flex office properties, one retail asset and one data center—all under Link Logistics’ management.
The properties are in 16 metros across 13 states, amongst which Atlanta, San Jose, Calif. and Austin, Texas. The largest concentrations of assets by net rentable area are in California (2.8 million square feet), Georgia (2 million square feet) and Minnesota (1.5 million square feet), according to reports by KBRA.
Commercial lending landscape leverages momentum
At the end of 2025, Blackstone managed approximately $319 billion of investor capital across its real estate platform. Last year, the company secured another $1.6 billion refinancing package, for a 94-property industrial portfolio. The transaction included a CMBS loan—issued by Bank of America, Goldman Sachs, JP Morgan, Morgan Stanley, Natixis and Wells Fargo—and a mezzanine loan.
Refinancing deals are currently on the rise in commercial real estate, as loans mature and high interest rates maintain acquisitions to a minimum. This momentum across the sector drives lenders into a competitive frenzy, searching for commercial assets boasting strong occupancy rates and stable cash flow.
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