Blackstone GIC And LBA Realty Secure $950 Million Loan For Industrial Portfolio Refinancing

An industrial portfolio comprising 41 properties, located in markets including Los Angeles, Orange County & East Bay, CA, Chicago, Philadelphia, Seattle & Orlando, is set for refinancing. The total square footage of the portfolio is 8,300,000, and it is currently 84.8% leased. The financing involved is a $950 million CMBS refinancing loan, co-originated by Wells Fargo and J.P. Morgan Chase.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $950,000,000
• Lender: Wells Fargo & J.P. Morgan Chase
• Landlord: Stephen A. Schwarzman - Blackstone
• Landlord: Chow Kiat Lim - GIC
• Landlord: Phil Belling - LBA Realty
• Loan Terms: floating-rate, non-recourse
• Portfolio Leasing Status: 84.8% leased
• Expected Closing: Later this month

A joint venture between Blackstone, GIC, and LBA Realty is managing the refinancing process, which aims to refinance existing debt on the industrial portfolio, which is primarily focused on industrial spaces. The loan is designed to facilitate the portfolio’s financial restructuring.