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During Q2, the REIT offloaded its last 79 self-storage assets and poured $3.3B into its data center arm, QTS.
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The loan will refinance existing debt on a 96%-leased warehouse and light industrial portfolio spanning 18 states.
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Schwarzman said BREIT's focus on warehouses and apartments in Texas and Florida has kept its returns high relative to public REITs.
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The investment is a reversal from recent attempts by investors to take money out of nontraded REITs.
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Three-quarters of last month's redemption requests made of Blackstone's nontraded REIT went unfulfilled.
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Katie Keenan was appointed CEO at BREIT after Wesley LePatner was killed in a shooting at Blackstone's headquarters in July.
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In a mini-tender offer, MacKenzie targeted Blackstone Real Estate Income Trust investors seeking immediate liquidity.
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Since its acquisition of American Campus Communities in 2022, Blackstone has been a major player in student housing.
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Brookfield Properties is betting on a rebound in apartment demand as construction starts slow.
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The investment comes only weeks after UC Investments' previous $4B play.
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