Blackstone taps CMBS to refinance medical properties

Mortgage

A real estate investment fund controlled by the Blackstone Group is tapping the commercial mortgage bond market to refinance a portfolio of life science, laboratory and medical properties, according to SP Global.

Blackstone Real Estate Partners VIII obtained a $330 million mortgage on the portfolio, which consists of 18 buildings located in five states, from two banks, Citigroup and Deutsche Bank. Citi and Deutsche are now using the floating-rate loan, which has an initial term of two years and can be extended to as long as five years, as collateral for a single-asset CMBS called CGDB Commercial Mortgage Trust 2017-BIO.

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