New York Life provides $450m loan to Blackstone

New York Life Real Estate Investors has provided Blackstone with $450 million in financing for a 47-property industrial portfolio through a fixed-rate mortgage loan.

The portfolio comprises 68 buildings located in various markets throughout the United States, with a combined total of 5.4 million square feet.

The loan has a term of seven years.

“The portfolio offers significant scale with buildings that are considered infill and highly functional,” said Steve Kirk, senior director of New York Life’s western regional office. “The properties have historically performed well with high average occupancy levels and a diverse pool of tenants.”

The financing comes on the heels of several other large deals by New York Life in September. The company also provided $103 million in financing for a 209-unit high-rise apartment in New York City