{"id":1004812767,"date":"2026-09-22T21:55:19","date_gmt":"2026-09-23T05:55:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004812767"},"modified":"2026-09-22T22:26:13","modified_gmt":"2026-09-23T06:26:13","slug":"blackstone-to-land-a-1-7b-industrial-portfolio-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-to-land-a-1-7b-industrial-portfolio-refi\/","title":{"rendered":"Blackstone to Land a $1.7B Industrial Portfolio Refi"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6ab37cd2205b4&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004812769\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/3000amdrive_credityardimatrix-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/3000AmDrive_CreditYardiMatrix-edited.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"3000AmDrive_CreditYardiMatrix\" data-image-description=\"&lt;p&gt;Image downloaded via the property&#8217;s Yardi Matrix page. https:\/\/matrix.pi-ei.com\/PropertyDetailCommercial\/All?MarketID=74&#038;PropertyID=3729&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;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. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/3000AmDrive_CreditYardiMatrix-edited.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/3000AmDrive_CreditYardiMatrix-edited.jpg\" alt=\"Exterior shot of 3000 Am Drive, a 935,540-square-foot warehouse in Quakertown, Pa.\" class=\"wp-image-1004812769\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/3000AmDrive_CreditYardiMatrix-edited.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/3000AmDrive_CreditYardiMatrix-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The largest asset by allocated loan amount is 3000 AM Drive, a nearly 935,600-square-foot warehouse in Quakertown, Pa. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Blackstone is set to secure a $1.7 billion CMBS refinancing loan for a 76-asset national industrial portfolio, <a href=\"https:\/\/www.kbra.com\/publications\/pfVDqcjk\/bx-2026-sumt-pre-sale-report\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">according to a KBRA report<\/a>. The deal is set to close about October 9.<\/p>\n\n\n\n<p>Wells Fargo Bank, Goldman Sachs Bank USA, Bank of Montreal, Natixis Real Estate Capital and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Financial Corp. are expected to co-originate the note.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Computershare Trust Co. will act as the trustee, while KeyBank National Association will be both the servicer and special servicer.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-collection-spanning-18-states\">A collection spanning 18 states <\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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).<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/top-commercial-mortgage-lenders-and-brokerage-firms\/\">2026 Top Commercial Real Estate Finance Firms<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The properties have an average age of 23 years and a weighted average construction year of 2003. Fifteen assets were completed after 2010.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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\u2014440 Interstate W. Parkway in Austell, Ga., and 201 S. Interstate 45 in Wilmer, Texas\u2014comprise roughly 3.8 percent of the total portfolio each, with an allocated $64.9 million and $64.1 million, respectively.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-blackstone-s-recent-cmbs-deals\">Blackstone&#8217;s recent CMBS deals<\/h2>\n\n\n\n<p>Blackstone landed another major <a href=\"https:\/\/www.commercialsearch.com\/news\/cmbs-delinquency-rates\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/cmbs-delinquency-rates\/\">CMBS loan<\/a> in recent months. In a joint venture with GIC and LBA, the company <a href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-jv-to-secure-950m-for-industrial-portfolio\/\">secured $950 million<\/a> 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.<\/p>\n\n\n\n<p>In June, <a href=\"https:\/\/www.commercialsearch.com\/news\/blackstones-qts-eyes-1-3b-data-center-refi\/\">Blackstone also received<\/a> a $1.3 billion CMBS refinancing loan for NAL1DC1, a 432,824-square-foot data center in New Albany, Ohio, in metro Columbus.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A collection of 76 assets backs the transaction.<\/p>\n","protected":false},"author":3909,"featured_media":1004812769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21748,23891,21742],"tags":[47879,32892,35826,33435,52943,37941,33277],"class_list":["post-1004812767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-industrial","category-national","category-latest","tag-bank-of-montreal","tag-blackstone","tag-cmbs","tag-goldman-sachs","tag-kbra","tag-natixis-real-estate-capital","tag-wells-fargo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Blackstone to Land a $1.7B Industrial Portfolio Refi - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Blackstone will secure a $1.7 billion CMBS loan for a 76-asset national industrial portfolio. 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The deal is set to close about Oct. 9.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-land-a-1-7b-industrial-portfolio-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-23T05:55:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-23T06:26:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/3000AmDrive_CreditYardiMatrix-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Louisa Miclaus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-land-a-1-7b-industrial-portfolio-refi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-land-a-1-7b-industrial-portfolio-refi\\\/\"},\"author\":{\"name\":\"Louisa Miclaus\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/4ee012cfd2de00e6304cc0c5ded1db2e\"},\"headline\":\"Blackstone to Land a $1.7B Industrial Portfolio Refi\",\"datePublished\":\"2026-09-23T05:55:19+00:00\",\"dateModified\":\"2026-09-23T06:26:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-land-a-1-7b-industrial-portfolio-refi\\\/\"},\"wordCount\":403,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-land-a-1-7b-industrial-portfolio-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2026\\\/09\\\/3000AmDrive_CreditYardiMatrix-edited.jpg\",\"keywords\":[\"Bank of Montreal\",\"Blackstone\",\"CMBS\",\"Goldman Sachs\",\"KBRA\",\"Natixis Real Estate Capital\",\"Wells Fargo\"],\"articleSection\":[\"Featured\",\"Finance\",\"Industrial\",\"National\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-land-a-1-7b-industrial-portfolio-refi\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-land-a-1-7b-industrial-portfolio-refi\\\/\",\"name\":\"Blackstone to Land a $1.7B Industrial Portfolio Refi - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-land-a-1-7b-industrial-portfolio-refi\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-land-a-1-7b-industrial-portfolio-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2026\\\/09\\\/3000AmDrive_CreditYardiMatrix-edited.jpg\",\"datePublished\":\"2026-09-23T05:55:19+00:00\",\"dateModified\":\"2026-09-23T06:26:13+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/4ee012cfd2de00e6304cc0c5ded1db2e\"},\"description\":\"Blackstone will secure a $1.7 billion CMBS loan for a 76-asset national industrial portfolio. 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The deal is set to close about Oct. 9.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-to-land-a-1-7b-industrial-portfolio-refi\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/blackstone-to-land-a-1-7b-industrial-portfolio-refi\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-to-land-a-1-7b-industrial-portfolio-refi\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/3000AmDrive_CreditYardiMatrix-edited.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/3000AmDrive_CreditYardiMatrix-edited.jpg","width":640,"height":480,"caption":"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. 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