Blackstone has secured a $2.78 billion commercial mortgage-backed security (CMBS) that will be financed for its $4 billion acquisition of Retail Opportunity Investments Corporation (ROIC), which it completed earlier this month.
The floating interest rate loan is anticipated to start with a two-year term. It also includes three extensions for 12 months, according to a report from credit agency KBRA. Blackstone will be required to make interest-only payments each month.
The ROIC total portfolio consists of 93 West Coast shopping centers, taking up a total of 10.5 million square feet. The bulk of the loan balance is concentrated in California (66 percent), according to KBRA. That's followed by 22.3 percent and 11.7 percent in Washington State and Oregon. This includes major markets like Los Angeles, San Francisco, Portland, and Seattle. Some big tenants in the REIT's portfolio include grocers Safeway and Ralphs. As of December, the ROIC properties were 95.6 percent leased to more than 1,400 tenants.
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