Blackstone has completed a large multistate refinancing deal.
The firm secured $1.8 billion from Wells Fargo for a portfolio of properties across 11 states, according to a mortgage document released through public records. The collateral for the loan is valued at more than $3 billion, the document shows.
Newmark’s Jordan Roeschlaub and Nick Scribani arranged the financing.
The properties securing the loan are located in California, Florida, Georgia, Maryland, Minnesota, New York, North Carolina, Texas, Utah, Virginia and Washington. The portfolio appears to include around 80 properties.
The portfolio appears to be commercial properties, with a mix of industrial and office. The documents list 39 borrowers, all LLCs.
About 45 percent of the value of the portfolio is tied to 21 properties in Florida, all of which are in Miami-Dade County. All but two are in Doral, Florida.
The New York City properties include industrial sites in Brooklyn, at 960 Alabama Avenue, and Long Island City, on Hunters Point Avenue.
The investment giant has been actively refinancing and selling off properties. Last month, the firm secured a $1 billion loan to refinance a 59-property industrial portfolio, Bisnow reported. Goldman Sachs, German American Capital Corp., Barclays Capital Real Estate Inc. and JPMorgan Chase provided the refinancing.
Earlier this month, CoStar reported that Blackstone’s QTS Realty was on the verge of a deal with Morgan Stanley for a $1.5 billion refinancing tied to two data center properties.
Blackstone has sold more than $1 billion of industrial property in South Florida since November.
On an earnings call Thursday, Jonathan Gray, Blackstone’s president, said the real estate part of the business has been recovering after hitting a low 18 months ago. Blackstone’s non-listed REIT reported its best quarterly fundraising performance since that low this week.
“The building blocks for this recovery are clearly coming into place,” Gray said. “The first and most important one is new supply coming down.”
Additional reporting from Lidia Dinkova and Francisco Alvarado.
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