GE Capital Real Estate will fund a commercial real estate purchase of close to 130 properties for affiliates of Blackstone Real Estate Partners VII.
The portfolio, purchased from Dexus Property Group, will have more than 60 industrial properties based in the United States. The first mortgage for the transaction totaled $575 million. In total, the portfolio has approximately 16.4 million square feet of industrial-specific space in 10 states throughout the mid-Atlantic, Midwest and Southern regions of the country.
"There was significant interest in financing this transaction, but GE's creative balance sheet approach and flexible deal structure was a perfect match for our business plan," said Frank Cohen, senior managing director at Blackstone. "They've been a responsive, experienced lender who can deliver on transactions like this."
The loan was underwritten and closed in approximately 45 days, the company explained.
GE Capital Real Estate owns or manages $61 billion in properties located throughout North America, Asia-Pacific and Europe. It has 10,000 properties totaling more than 150 million square feet in these areas.