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Dealmaker: New York Life Real Estate Investors Originates $584M
New York Life Real Estate Investors, New York, originated $584 million for industrial and multifamily properties across the U.S.
NYLREI lent $500 million for a 7.9-million-square foot industrial portfolio with assets throughout the country. Stockbridge Capital Group, San Francisco, manages the properties for its institutional partner.
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Stephen Kirk, Senior Director of New York Life Real Estate Investors’ western regional office, called the collateral a “high-quality, well-diversified portfolio of industrial properties with superior sponsorship.”
NYLREI also originated a $47.5 million mortgage secured by Maitland City Centre, a 244-unit multifamily property in Orlando, Fla.
Encompassing a three-acre full city block, six-story Maitland City Centre is near Orlando’s central business district and includes ground-floor retail and restaurant space. The owner is a joint venture between The Allen Morris Co., Gables, Fla., and Mesirow Financial Institutional Real Estate, Chicago.
In Morristown, N.J., NYLREI originated $36.5 million for 130-unit apartment building The Metropolitan at 40 Park. The seven-story Class A property was developed in 2010 by Woodmont Properties, Fairfield, N.J., and Roseland Residential Trust, Jersey City, N.J. The property’s location near The Morristown Green gives residents a short walk to the Morristown Train Station.