The recent transaction involves the recapitalization of 17 multifamily properties located in Texas, Georgia, North Carolina, Arizona, Florida, Ohio, and Colorado. The properties collectively consist of 6,410 units, making it a substantial investment in the multifamily asset class.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,200,000,000
• Market: Texas, Georgia, North Carolina, Arizona, Florida, Ohio, and Colorado
• Lenders: Goldman Sachs, Bank of America, and Société Générale

The borrower and landlord involved in the deal are Blackstone Real Estate Income Trust and Cortland, respectively. The transaction was facilitated by brokers Jordan Roeschlaub and Dustin Stolly from Newmark.

The loan provided for the recapitalization is worth $1,200,000,000 and comes with a two-year term. It is structured as an interest-only loan with a floating interest rate.