NORWALK-GE Capital Real Estate is bringing a new Blackstone deal to life with a $575-million first mortgage on 16.4 million square feet of industrial space currently in the hands of Sydney, Australia-based Dexus Property Group. According to a statement, that square footage is spread over 10 Southern, mid-Atlantic and Midwest states and 129 buildings.

GE underwrote and closed the loan in less than 45 days, GE representatives say. Alec Burger, president of GECRE’s North America division, says, “We have a great working relationship with Blackstone. Our team focused their expertise and efforts on this portfolio and delivered a structure that met Blackstone’s needs.”

“There was significant interest in financing this transaction,” according to Blackstone senior managing director Frank Cohen. “But GE’s creative balance sheet approach and flexible deal structure was a perfect match for our business plan. They’ve been a responsive, experienced lender who can deliver on transactions like this.”