Blackstone’s BREIT Secures $845.2 Million Refinance for Sunbelt Multifamily Portfolio

Blackstone Real Estate Income Trust has closed an $845.2 million loan to refinance a 12-property, 4,922-unit multifamily portfolio in the Sunbelt region.

Lenders on the transaction included Deutsche Bank, Société Générale, Bank of Montreal and Nomura.

The capital is structured as a two-year, floating-rate loan. The proceeds are designated to refinance $924.5 million of existing debt tied to the portfolio.

The underlying assets consist of 4,922 units, which BREIT originally acquired from Cortland Sponsors LLC. As part of the transaction, BREIT contributed $94.1 million in new equity.

The portfolio is located across six U.S. states – Arizona, Colorado, Florida, Georgia, North Carolina and Texas.

As of January 2026, the portfolio had an average occupancy rate of 92%, with monthly rents averaging $1,728. The portfolio is appraised at $1.14 billion, a 74% loan-to-value ratio.

BREIT has described its strategy as maintaining a “fortress balance sheet” while focusing on rental housing. Currently, approximately 87% of the BREIT portfolio is concentrated in rental housing, industrial properties and data centers. The company said 65% to 70% of its total portfolio is in the Sunbelt.

BREIT reported a 9.3% annualized return since inception, with $6.7 billion in total liquidity and an aggregate net asset value of $54.7 billion as of Feb. 28, up 0.35% month-over-month, and an annualized distribution rate of 4.6%.

The company has also launched initiatives to boost investment flows into its real estate platform. Investors who subscribe between Jan. 1 and April 1, 2026, receive a 1% bonus in shares. These bonus shares are fully funded by Blackstone to avoid diluting existing shareholders.

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