Blackstone taps CMBS debt to fund part of $442M Texas grocery portfolio buy
Blackstone is doubling down on bread-and-butter retail in Texas, following a pattern of investment over the past year in grocery-anchored shopping centers across the country. The private equity giant is using a floating-rate commercial mortgage-backed securities loan and $110.3 million of equity to acquire a 16-property, grocery-anchored portfolio across the Lone Star State, according to a presale report from Fitch Ratings. Bisnow reported that the two-year, $331.2 million loan brings the total acquisition price to $441.5 million, including $9.2 million in closing costs. The deal is slated to close March 4. Bloomberg first reported the financing structure. Blackstone declined to […]
This article originally appeared on The Real Deal. Click here to read the full story.
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