Blackstone will secure a $1 billion CMBS refinancing loan for a cross-collateralized and cross-defaulted, 15-property portfolio encompassing 6,041 units throughout seven states.
Morgan Stanley, Barclays Capital, Natixis, Royal Bank of Canada and The Bank of Nova Scotia are expected to co-originate the debt on August 7, 2026. The floating-rate, interest-only note is set to feature an initial two-year term with three one-year extension options.
Additionally, Blackstone will contribute $24.9 million in sponsor equity to refinance the existing debt and pay closing costs.
The properties are spread across Florida, Texas, Georgia, Arizona, Tennessee, California and South Carolina. Florida has the largest number of communities and the biggest share of the allocated loan amount, but Texas has the most units out of any state, bolstered by the massive Legacy North in Plano, Texas, with 1,675 apartments.
More than two-thirds of properties will receive an allocated loan amount north of $50 million, with the top five set to obtain more than half of the entire $1 billion loan. Legacy North will obtain the largest share of the note at $226 million.
Legacy North influenced the portfolio’s figures as the property had, on average, an occupancy rate of 91.8 percent and rent of $1,504, marking the lowest metrics across the collection. Blackstone acquired the 2007-built property in 2021, having invested $22.8 million in capex since.
