Blackstone's Apartment Income REIT Corp. is set to secure a $3.3 billion CMBS refinancing loan for a portfolio of 29 properties. The properties contain 9,389 units and are spread across eight states and Washington, D.C. The loan will refinance existing debt tied to Blackstone's $10 billion acquisition of AIR Communities in 2024.
A consortium of Goldman Sachs, JP Morgan, Barclays and Bank of America is co-originating the two-year, floating-rate loan. It is expected to close around November 24. Proceeds will retire $3.1 billion in existing debt, return $156.5 million of equity to Blackstone and cover closing costs.