EQT Nears $1B Refi for 16 MSF Portfolio
The collection spans 50 properties.
EQT Real Estate Holdings is approaching a $1 billion CMBS refinancing loan for a 50-property portfolio comprising 16 million square feet of industrial space across 13 states, according to a KBRA presale report.
Citi Real Estate, JP Morgan and Goldman Sachs, some of the largest commercial real estate lenders, are slated to co-originate the debt on or about July 2, 2026. The floating-rate, interest-only note carries an initial two-year term with three extension options for one year each.
Proceeds are expected to refinance $948.8 million of existing debt previously held by New York Life, PGIM Real Estate and OCBC Bank, as well as pay closing costs and fund upfront reserves.
EQT’s collateral has an average vintage of 25 years, with more than half of the properties featuring clear heights above 30 feet. The biggest warehouse by allocated loan amount is a nearly 1.2 million-square-foot property in Obetz, Ohio, for which the owner set aside $55.7 million.
Occupancy slated to crest past recent historic average
The collection had a 91.7 percent occupancy rate as of July 2026, slightly below the average annual rate of 94.1 percent that it maintained between 2023 and 2025. Still, EQT was in the process of executing a 772,200-square-foot lease deal in July, which, once closed, would bring its portfolio to a 96.6 percent occupancy rate.
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More than 60 tenants lease the 50 properties; however, the portfolio has a heightened single-tenant exposure with 29 properties being occupied by a single entity each. Based on their share of annual rent payments, the top five tenants in EQT’s portfolio include TJX Cos., Epson America, Ollie’s Bargain Outlet, Roadtex Transportation and Iron Mountain Information Management.
Georgia encompasses 27.2 percent of the portfolio by square footage, having all properties within metro Atlanta. Next up, Indiana included 17.4 percent of the collection, with more than half of the facilities located in metro Indianapolis. Ohio (9.8 percent), Missouri (9.2 percent) and Illinois (8.9 percent) wrapped up the top five states by square footage.
EQT’s latest U.S. moves include the acquisition of a 2.4 million-square-foot Southeast portfolio last month, as well as the March purchase of another 2 million-square-foot collection in New Jersey. Both deals were closed through the company’s Industrial Value Fund VI, which was about 80 percent invested as of June. That same month, the company launched Value Fund VII, aiming for $6 billion in commitments.
CMBS issuance softens, industrial stays strong
Although multifamily and commercial originations increased 52 percent on an annual basis during the first three months of 2026, CMBS issuances declined 14 percent during the same interval, according to the Mortgage Bankers Association’s quarterly originations index survey. Notably, all other lender types witnessed yearly origination increases.
Debt originated for industrial collateral spiked 56 percent year-to-date through March, compared to the same period of last year, the source shows. Lenders continued showcasing the same conviction for the sector during the second quarter, when Blackstone secured a $1.6 billion CMBS loan for a 10.5 million-square-foot collection.
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