ING Completes $138M Loan with Blackstone

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.