Dealmaker: New York Life Real Estate Investors Originates $369M on Industrial, Multifamily Assets
New York Life Real Estate Investors originated $369 million for industrial and multifamily assets in eight markets.
NYLREI financed a $303 million floating-rate loan secured by an industrial portfolio totaling 7.1 million square feet.
Eastdil Secured, New York, arranged the financing for an institutional investor. The loan is secured by 25 distribution warehouse properties in seven markets in the Midwest, Southwest, Southeast, Northeast and Western United States.
Randall Hall, Senior Director in New York Life Estate Investors’ Southeast Regional Office, called the collateral a “geographically diverse, highly functional Class A industrial portfolio.”
In Colorado, NYLREI originated $66 million for Gateway Arvada Ridge, a 296-unit apartment community located at 5458 Lee Street in Denver suburb Arvada.
The two- and four-story Class A property delivered in 2019 adjacent to the Denver RTD Arvada Ridge station, giving residents convenient access to both downtown Denver and other suburbs.
The Praedium Group, New York, acquired Gateway Arvada Ridge early this year from Embrey Partners Ltd., San Antonio, Texas. Newmark Vice Chairmen Shane Ozment, Terrance Hunt and Chris Cowan represented Embrey, which developed the property in 2019.
Newmark Research said housing in the western Denver suburbs is supply-constrained due to limited growth initiatives and lack of development sites. No market-rate apartment buildings with more than 50 units were developed in Arvada between 1988 and 2004 and other than Gateway at Arvada Ridge, only five new communities with 1,267 units have been built since 2007, increasing pent-up demand for new apartments.