Blackstone Said to Plan $1.35 Billion Office Refinancing
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Blackstone Group LP is close to borrowing as much as $1.35 billion from lenders including MetLife Inc. to replace debt coming due on 21 office properties, according to three people with knowledge of the refinancing.
MetLife, the largest U.S. life insurer, and New York Life Insurance Co. plan to underwrite a two-year senior mortgage of about $850 million, with three one-year extensions, said the people, who asked not to be named because the talks are private. Government of Singapore Investment Corp. would provide a mezzanine loan of $450 million to $500 million. The refinancing is scheduled to be completed in July, one of the people said.