Dealmaker: New York Life Real Estate Investors Originates $662M

New York Life Real Estate Investors, New York, originated $662 million for industrial and multifamily properties throughout the United States.

NYLREI loaned $500 million for a 7.9-million-square-foot industrial portfolio with properties throughout the country. Stockbridge Capital Group, San Francisco, manages the assets for its institutional partner.

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 strong sponsorship.

NYLREI also originated $65 million for 50 Central Avenue, a 415,500-square-foot industrial warehouse recently developed by Seagis Property Group, Conshohocken, Pa. The distribution facility includes 40-foot ceilings as well as 88 overhead doors. The fully leased property is in Kearny, N.J., with access to the Port of Newark and Newark Airport in addition to the densely populated New York and northern New Jersey markets. 

“The transaction benefits from strong credit tenancy and an in-fill, last-mile location within the New York metro industrial market,” said Keith Duane, Director in New York Life Estate Investors’ northeast regional office.

In Sunny Isles Beach, Fla., NYLREI originated $97 million in construction-to-permanent financing for Las Marinas Apartments, which includes two to-be-constructed 17-story residential towers totaling 256 units and an existing 336-unit residential tower known as Marina Del Mar. The non-recourse loan included a commitment to fund up to an additional $15 million subject to certain conditions. The 15-year loan came with a fixed interest rate.

“There has been virtually no new apartment rental product delivered in Sunny Isles Beach over the past 20 years,” said NYLREI Senior Director Rob Boyd.