Stephen A. Schwarzman Of Blackstone Secures $2.1B Refinance Loan For Industrial Portfolio

The asset involved in this transaction is an industrial portfolio encompassing a total square footage of 1,132,500 located in Manassas, Virginia; Suwanee, Georgia; and Chicago. The property is being refinanced at a total loan amount of $2,100,000,000 across three data center campuses owned by QTS Data Centers, which is a subsidiary of Blackstone. The refinance is structured as a floating-rate loan with an interest rate of 6.1%.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $2,100,000,000
• Market: Manassas, Virginia; Suwanee, Georgia; Chicago
• Lender: Bank of America, Bank of Montreal (BOM), Barclays Bank, Citigroup Inc, Goldman Sachs, Morgan Stanley, Royal Bank of Canada, Scotiabank & Wells Fargo
• Landlord: Stephen A. Schwarzman - Blackstone
• Loan Type: Refinance
• Loan Terms: Co-originated by a bank group led by Bank of America and Goldman Sachs

Stephen A. Schwarzman, representing Blackstone, is actively involved in this refinancing transaction. The loan aims to address $1.4 billion of existing debt linked to the three facilities, which collectively possess over 100 megawatts of critical power capacity. The estimated close for this transaction is set for February 25, as reported in a Morningstar DBRS presale report.