Search
 
News

PGIM, NYSTRS Provide $1.1B Loan For Blackstone Acquisition

Last week Blackstone REIT announced it was acquring an industrial portfolio for $1.8 billion.

A Canyon Industrial Portfolio holding. Photo from Blackstone

WASHINGTON, DC–PGIM Real Estate Finance and the New York State Teachers’ Retirement System (NYSTRS) have provided $1.1 billion in financing for the acquisition of a 146-property industrial portfolio. A source has told us this loan is for Blackstone REIT’s $1.8 billion deal that it announced last week.

PGIM Real Estate Finance and NYSTRS are co-lenders, with each entity providing $550 million. The properties secured by the seven-year, fixed-rate loan are 20 years old on average, according to the lenders. They have an average finished office space of 10.2%, average lease size of 52,000 square feet, and average clear height of 27 feet.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

More from this author

Recommended Stories

Nominate a Net Lease Expert

Nominate a Net Lease Expert

Ingrid Tunberg |

Do you know a professional and/or company that has helped shape the net lease sector? Submit a candidate for GlobeSt.'s Influencers in Net Lease recognition before May 29!

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.