Faropoint Closes $223M Refi With Blackstone

Faropoint has refinanced a 26-building portfolio totaling 1.7 million square feet within its Industrial Value Fund III with a $223 million loan from Blackstone Real Estate Debt Strategies.

The non-recourse, floating-rate loan carries a three-year initial term with two one-year extension options.

It is Faropoint’s third financing with BREDS and the second refinancing transaction in less than three months. In January, Faropoint refinanced a 61-asset portfolio within its Fund II totaling nearly 3.5 million square feet, with $273 million in financing proceeds from a bank syndicate led by Capital One and J.P. Morgan.

Late last year, Faropoint refinanced a 49-building, 3.7 million-square-foot portfolio in Fund III with a $340 million loan from Truist Bank and U.S. Bank.

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“Our financing strategy is to aggregate properties using our capital call lines and acquisition credit facilities. Once we have accumulated a stabilized pool of assets, we go out to the market for a permanent refinance,” Tzvi Feifel, director of product marketing at Faropoint, told Commercial Property Executive. “This is a strategy that we have executed across our value-add Funds I and II, and we will aim to follow the same approach in our new Fund IV.”

Feifel said the firm expects to complete at least two more refinances of $300 million plus in loan commitments this year.

Idan Tzur, Faropoint chief financial officer, said in prepared remarks moving the assets into permanent financing creates meaningful reinvestment capacity that allows the company to continue executing the fund’s acquisition strategy.

Assets refinanced in BREDS deal

Anchored by concentrations in several Florida markets and properties in metro Atlanta, the portfolio spans seven U.S. markets. It is leased to 75 tenants with more than 90 percent weighted average occupancy. The properties were acquired through a large portfolio transaction completed in June 2025. Faropoint purchased the shallow-bay industrial collection from Mapletree Investments for $328 million. The deal was Faropoint’s largest single acquisition to date and was also Mapletree’s first large-scale U.S. warehouse divestment.

The properties in the refinancing include:

• 1950 Evergreen Blvd., Duluth, Ga., 77,978 square feet
• 1965 Evergreen Blvd., Duluth, 78,668 square feet
• 1955 Evergreen Blvd., Duluth, 73,080 square feet
• 3140 Northwoods Parkway, Norcross, Ga., 100,924 square feet
• 3145 Northwoods Parkway, Norcross, 74,029 square feet
• 1765 West Oak Parkway, Marietta, Ga., 66,114 square feet
• 1777 West Oak Parkway, Marietta, 103,732 square feet
• 2025 NW 15th Ave., Pompano Beach, Fla., 49,170 square feet
• 6200-6320 N. Hiatus Road, Tamarac, Fla., 116,736 square feet
• 6400 Park of Commerce Blvd., Boca Raton, Fla., 56,264 square feet
• 6500 Park of Commerce Blvd., Boca Raton, 83,104 square feet
• 4935 Park Ridge Blvd., Boynton Beach, Fla., 22,904 square feet
• 4531 Oak Fair Blvd., Tampa, Fla., 47,912 square feet
• 6901 TPC Drive, Orlando, Fla., 40,320 square feet
• 6435 Hazeltine National Drive, Orlando, 42,013 square feet
• 14271 Welch Road, Farmers Branch, Texas, 102,718 square feet
• 14281-14289 Welch Road, Farmers Branch, 74,263 square feet
• 1720 Hurd Drive, Irving, Texas, 80,851 square feet
• 100 Forge Way, Rockaway, N.J., 19,654 square feet
• 200 Forge Way, Rockaway, 73,512 square feet
• 300 Forge Way, Rockaway, 24,220 square feet
• 400 Forge Way, Rockaway, 73,131 square feet
• 321 Richard Mine Road, Wharton, N.J., 80,000 square feet
• 260-280 Hansen Access Road, King of Prussia, Pa., 130,870 square feet

Faropoint is a Hoboken, N.J.,-based real estate investment manager that specializes in last-mile industrial properties, operating in 16 key U.S. markets. Since its inception in 2012, Faropoint has acquired more than 550 warehouses, representing over $4 billion in industrial real estate assets. In April 2025, the firm acquired a four-building Class A small-bay portfolio in Ontario, Calif., for $63.6 million. The buildings total 243,394 square feet and were completed in 2006 by Panattoni Development.