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Stephen A. Schwarzman Of Blackstone Secures $1.1B Refinance For Life Sciences Portfolio

Property Image
FINANCED
$1,100,000,000

Massachusetts

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Life Sciences
Financed 02/19/2025
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Property Image
FINANCED

Stephen A. Schwarzman Of Blackstone Secures $1.1B Refinance For Life Sciences Portfolio

500 Kendall Street, 450 Kendall Street, 4775 Executive Drive, 4795 Executive Drive, 180 Oyster Point Boulevard & 200 Oyster Point Boulevard

See Similar Deals
Life Sciences
Financed 02/19/2025
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:Life Sciences
Transaction Type:Loan

Blackstone completed a refinance transaction involving an eight-property life sciences portfolio located at 500 Kendall Street, 450 Kendall Street; 4775 & 4795 Executive Drive; 180 & 200 Oyster Point Boulevard across the markets of Cambridge, MA; San Diego & South San Francisco, CA. The total loan amount for this transaction was $1,100,000,000.

Summary of transaction details:

  • Property Type: Life Sciences
  • Transaction Amount: $1,100,000,000
  • Lender: Citibank, Morgan Stanley & Deutsche Bank
  • Landlord: Stephen A. Schwarzman - Blackstone
  • Loan Type: Refinance

In this transaction, Blackstone secured $765 million in funding from Deutsche Bank, Citibank, and Morgan Stanley while also adding $322.25 million in fresh equity to the loan arrangement. Stephen A. Schwarzman represented the landlord in this refinance deal.

Players

Morgan Stanley
Morgan Stanley
LENDER
Blackstone
Blackstone
LENDER
Deutsche Bank
Deutsche Bank
LENDER
Citibank
Citibank
LENDER

Details

FINANCED
IMAGE: Stephen A. Schwarzman DATE: 02/19/2025 ADDRESS: 500 Kendall Street, 450 Kendall Street; 4775 & 4795 Executive Drive; 180 & 200 Oyster Point Boulevard MARKET: Cambridge, MA; San Diego & South San Francisco, CA ASSET TYPE: Life Sciences LENDER: Citibank (@CitiBank), Morgan Stanley (@Morgan.Stanley) & Deutsche Bank (@DeutscheBank) LANDLORD: Stephen A. Schwarzman - Blackstone (@Blackstone) LOAN AMOUNT: $1,100,000,000 LOAN TYPE: Refinance NOTE: Blackstone refinanced $1.1B in mortgage debt on an eight-property life sciences portfolio across Cambridge, San Diego, Seattle, and San Francisco, securing $765M from Deutsche Bank, Citi, and Morgan Stanley while adding $322.25M in fresh equity.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$1,100,000,000.00

Monthly NOI$7,333,333.33
Monthly Debt Service$6,952,748.26
Change in Cash Flow$0.00
Refinance Proceeds$0.00