NYL Real Estate Investors Lends $85M for Multifamily

New York Life Real Estate Investors originated $84.9 million on behalf of New York Life Insurance Co. for two Texas multifamily assets.

Phillips Realty Capital, Bethesda, Md. secured both acquisition financings.

In Mansfield, Texas, NYLREI lent $42.9 million for 314-unit community Bexley on Main. The 22-year fixed-rate loan included a top 20 percent guaranty from the principals of Weinstein Properties.

NYLREI Southwest Regional Office Senior Director Leslie Cassingham said the loan represented its fifth acquisition financing to Weinstein Properties. “Located in an acclaimed school district and equidistant between Dallas and Fort Worth, Bexley on Main will maintain a strong competitive position in the market,” she said.

Bexley on Main is a new asset just coming out of lease up, Cassingham noted.

In Round Rock, Texas near Austin, NYLREI originated a $42 million 20-year fixed-rate loan secured by 330-unit property Bexley Round Rock.

Cassingham said Bexley Round Rock is in a solid suburban submarket near The Domain, a high-density office, retail and residential center that she called Austin’s “second downtown.”