Faropoint Secures $223M Blackstone Loan for Industrial

Faropoint Real Estate is set to close a $223 million loan backed by an industrial portfolio it acquired last summer. The financing is provided by Blackstone Mortgage and is expected to be originated as a bridge loan.

The loan represents 70% of the $318.8 million purchase price for 24 warehouse and distribution properties. Faropoint Industrial Value Fund III bought the assets from Mapletree Investments for $306.2 million, and Faropoint contributed $88 million in equity. Fitch flagged significant lease rollover exposure, with 69 leases covering 1.3 million square feet expiring during the loan term, and peak rollover in 2027 and 2028.

The loan is interest-only for the full term and is scheduled to mature in February 2029 with two one-year renewal options.