Blackstone to Obtain $1B for 6,000+ Unit Portfolio
The collection includes a property with more than 1,600 units.
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, according to a KBRA presale report.
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.
READ ALSO: Top Multifamily Lenders
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.
Dallas ranks first for allocated loan amount and unit count, solely thanks to Legacy North. Atlanta ranks second across both metrics, followed by Phoenix, Orlando, Fla., and Jacksonville, Fla.
The communities are 15 years old on average. Blackstone has invested $73.4 million in capital improvements throughout the portfolio, such as interior unit renovations and exterior redevelopments, since 2019.
As of July, the collection had an occupancy rate of 94.1 percent and an average rent of $1,734 per unit. The national average advertised rent was 2.1 percent higher last month, according to a Yardi Matrix report.
Once again, 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.
Multifamily and CMBS loan originations reach new records
Multifamily loan originations improved 24 percent during the first half of 2026 compared to the same period of last year, according to the quarterly origination survey by the Mortgage Bankers Association. The index hasn’t been this high since 2022.
Additionally, CMBS loan originations fared exceptionally well, with the issuance of such debt between April and June topping all records dating back at least 17 quarters. Momentum is on track to carry over into the third quarter, propelled by high-value deals such as Blackstone’s and Keller Investment Properties’, with Keller expected to obtain a $718.5 million CMBS loan next week.
