Blackstone Group LP may borrow up to  $1.35 billion from lenders to replace debt coming due on 21 office properties, according to a Bloomberg report.

MetLife and New York Life  Insurance Co. will reportedly underwrite a two-year senior mortgage of about $850 million, with three one-year extensions, according to Bloomberg.  Government of Singapore Investment Corp. will provide a  mezzanine loan of $450 million to $500 million. The refinancing  is expected to be completed in July.

The majority of the office properties are located in California and according to the report some of the existing loans on these properties have been bundled into commercial mortgage-backed securities  (CMBS) sold in 2006 and 2007.

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