Faropoint, a real estate investment manager specializing in last-mile industrial properties, has closed a $223-million refinancing with Blackstone Real Estate Debt Strategies for 26 industrial buildings within its Industrial Value Fund III. The non-recourse, floating-rate loan carries a three-year initial term with two one-year extension options.
The portfolio totals 1.7 million square feet across seven U.S. markets, anchored by concentrations in Atlanta and Florida. Leased to 75 tenants with over 90% weighted average occupancy, the properties were acquired through a June 2025 portfolio transaction. The refi represents Faropoint’s third financing with BREDS.
“This refinancing with BREDS speaks to the mutual confidence we’ve built across these transactions,” said Mark DeCesare, head of corporate finance at Faropoint. “The underlying portfolio, which originated from our largest single acquisition to date last summer, validates our ability to move quickly from acquisition to permanent financing. We look forward to continuing to build on this relationship as the platform scales.”
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