Blackstone REIT announced last week that it was acquring an industrial portfolio for $1.8 billion.
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 says this loan is for Blackstone REIT’s $1.8 billion deal that it announced last week.
PGIM Real Estate Finance is a unit of Prudential Financial Inc.
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.