Dealmaker: Newmark Arranges $628M in Portfolio Financing for GID Investment Advisers

Newmark, New York, arranged $627.5 million in financing for GID Investment Advisers for a nine-property multifamily portfolio across California, Washington, Massachusetts and Georgia.

The 2,588-unit Class A portfolio has maintained its performance throughout the COVID-19 pandemic.

Newmark Vice Chairmen Ramsey Daya and Stephan Gianoplus, Senior Managing Director Chris Moritz and Vice President John Westby-Gibson of Newmark’s Debt & Structured Finance team arranged the financing in Georgia, Massachusetts and Washington. In California, Vice Chairmen Ramsey Daya and Chris Moritz arranged the financing.

A life company supplied the financing. “Life companies offer some of the lowest cost of capital in the market for financing multifamily assets and remain highly selective in the opportunities they pursue,” Daya said. “The high level of interest shown by the market for this financing speaks to the quality of these assets and the strength of the sponsor.”

Gianoplus said GID Investment Advisers “took advantage of one of the best times in history” to secure financing.