NEW YORK CITY-After a strict six-week closing requirement, ING Real Estate Finance closed a $138-million term loan with Blackstone Real Estate Advisors on Tuesday, marking another large acquisition for the private equity giant. Serving as joint lead arranger in the transaction, ING committed $69 million and partnered with Canadian Imperial Bank of Commerce, the agent bank, to complete the deal. “A key factor in making this a successful transaction was our ability to underwrite and execute financing under a tight time frame,” says ING Real Estate Finance director Alexander Joerg, in a statement.

According to ING Real Estate Finance, the four-year term loan includes a one-year extension option with floating with rate caps. ING tells GlobeSt.com that Blackstone utilized the loan to finance the acquisition of a diversified class A, 4.4-million-square-foot portfolio, including 17 bulk distribution industrial properties located in major transportation and distribution hubs throughout the Eastern US, including Harrisburg, PA; Central New Jersey; and Atlanta, among others. The portfolio—spread across the Northeast, Mid-Atlantic and Southeast regions—is already 98% leased, ING says in a statement.

A source familiar with the deal describes the industrial properties as a “stabilized portfolio” that has received “a level of interest from tenants” in 10 different markets all over the Eastern half of the US. “For this kind of property, space has been increasing nicely over the last several months,” the source tells GlobeSt.com.