NORWALK-GE Capital Real Estate is bringing anew Blackstone deal to life with a $575-millionfirst mortgage on 16.4 million square feet ofindustrial space currently in the hands of Sydney,Australia-based Dexus Property Group. According toa statement, that square footage is spread over 10 Southern,mid-Atlantic and Midwest states and 129 buildings.

GE underwrote and closed the loan in less than 45 days, GErepresentatives say. Alec Burger, president ofGECRE’s North America division, says, “We have a great workingrelationship with Blackstone. Our team focused their expertise andefforts on this portfolio and delivered a structure that metBlackstone’s needs.”

“There was significant interest in financing this transaction,”according to Blackstone senior managing director FrankCohen. “But GE’s creative balance sheet approach andflexible deal structure was a perfect match for our business plan.They’ve been a responsive, experienced lender who can deliver ontransactions like this.”