Blackstone Eyes $465M Refi for 1,700-Unit Portfolio
The financing combines CMBS and mezzanine loans.
Blackstone will secure a $465 million debt package backed by a collection of five communities encompassing 1,717 units in Massachusetts, Florida and Georgia, according to both Fitch and KBRA credit rating reports.
The financing includes a $435 million CMBS loan and a $30 million mezzanine note. Morgan Stanley Mortgage Capital Holdings and Natixis Real Estate Capital will originate both loans, with Deutsche Bank acting as trustee. KeyBank is slated to take the role of special servicer.
Blackstone will use the proceeds, together with $7.7 million in added equity, to refinance $386.2 million of existing debt, pay off a $79.6 million mezzanine loan and pay $64 million in closing costs.
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LivCor manages the properties. The portfolio includes:
- the 528-unit Elevate in Cambridge, Mass.
- the 296-unit Milano Lakes in Naples, Fla.
- the 299-unit Adley at Lakewood in Sarasota, Fla.
- the 296-unit Cue Luxury in Jacksonville, Fla.
- the 298-unit Arbor Place in Douglasville, Ga.
Blackstone acquired the communities between 2019 and 2021, investing more than $45 million in renovations across the portfolio. The properties debuted between 2002 and 2020. As of September 2025, the occupancy across the portfolio stood at 92.4 percent and the average rent clocked in at $2,425.
Elevate will receive the largest share of funds, nearly $244 million or 56.1 percent. The community consists of a 22-story tower and an adjacent six-story building. Blackstone renovated the high-rise building last year.
Multifamily debt origination cools
Multifamily financing slowed during the second quarter, decreasing 41 percent compared to the first three months of 2025 and 35 percent year-over-year, according to a Mortgage Bankers Association report. Additionally, overall CMBS loan originations were also down, 20 percent quarterly and 10 percent compared to last year.
However, Blackstone’s financing deals continued to pour in. Earlier this year, the firm secured a $725 million debt package backed by a portfolio of 1,744 units, Yardi Matrix data shows. Capital One issued the funds.
