Faropoint, a real estate investment manager focused on last-mile industrial assets, has completed a $223 million refinancing for a national warehouse portfolio with Blackstone Real Estate Debt Strategies. The financing is secured by 26 industrial buildings held within Faropoint’s Industrial Value Fund III and marks another milestone in the firm’s ongoing capital relationship with Blackstone.
The new loan is structured on a non-recourse basis and carries a floating interest rate. It features a three-year initial term, with two additional one-year extension options available, providing the borrower with flexibility to manage the portfolio over a multi-year horizon. The financing represents Faropoint’s third transaction with Blackstone Real Estate Debt Strategies.
The underlying portfolio totals 1.7 million square feet across seven U.S. industrial markets. It is anchored by concentrations of assets in Atlanta and Florida, reflecting Faropoint’s focus on distribution and logistics locations that support last-mile delivery. The 26 buildings are leased to 75 tenants, and the portfolio is reported to have a weighted average occupancy above 90%, indicating a largely stabilized rent roll at the time of refinancing.
According to Faropoint, the assets included in the loan were acquired through a portfolio transaction completed in June 2025. The company notes that this group of properties originated from its largest single acquisition to date, which closed during the prior summer. Moving from that acquisition into a refinancing with a single lender underscores the firm’s strategy of aggregating industrial assets and then locking in longer-term, non-recourse financing at the portfolio level.
Mark DeCesare, head of corporate finance at Faropoint, said the latest refinancing with Blackstone Real Estate Debt Strategies reflects the mutual confidence built through their prior deals. He highlighted that the speed with which Faropoint moved from acquiring the portfolio to securing permanent financing demonstrates the platform’s ability to execute across the investment and capital markets lifecycle. DeCesare also emphasized the firm’s intention to continue expanding its platform while maintaining and deepening its relationship with Blackstone as it scales.
For Faropoint, the transaction reinforces its positioning in the last-mile industrial sector and its reliance on institutional capital partners to support fund-level strategies. For Blackstone Real Estate Debt Strategies, the deal extends its lending exposure to a diversified, multi-tenant industrial portfolio with high occupancy across several U.S. markets, including key concentrations in Atlanta and Florida.
