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PGIM, NYSTRS Provide $1.1B Loan For Blackstone Acquisition

Last week Blackstone REIT announced it was acquring an industrial portfolio for $1.8 billion.

A Canyon Industrial Portfolio holding. Photo from Blackstone

WASHINGTON, DC–PGIM Real Estate Finance and the New York State Teachers’ Retirement System (NYSTRS) have provided $1.1 billion in financing for the acquisition of a 146-property industrial portfolio. A source has told us this loan is for Blackstone REIT’s $1.8 billion deal that it announced last week.

PGIM Real Estate Finance and NYSTRS are co-lenders, with each entity providing $550 million. The properties secured by the seven-year, fixed-rate loan are 20 years old on average, according to the lenders. They have an average finished office space of 10.2%, average lease size of 52,000 square feet, and average clear height of 27 feet.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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