Dealmaker: New York Life Real Estate Investors Originates $145M
New York Life Real Estate Investors originated $145 million for office and industrial assets in Warren, N.J. and Kent, Wash.
In New Jersey, NYLREI originated $100.5 million for Warren Corporate Center 100 and 200, two four-story office buildings in a 176-acre office campus. JLL Capital Markets, Chicago, closed the $150.2 million/$477 per square foot property sale and arranged the financing.
An investment partnership managed by The Mirabaud Group, Geneva, Switzerland, received the five-year fixed-rate loan. Exan Capital, Miami, represented The Mirabaud Group.
NYLREI also originated $44.5 million in construction financing for Bridge Point Kent 300, an industrial project totaling 309,000 square feet in Kent, Wash. The development is located on 16 acres that former housed REI’s headquarters.
When complete, Bridge Point Kent 300 will include two Class A industrial warehouse distribution buildings with 50,530 square feet and 258,480 square feet and 26,000 square feet of yard space.
James Nearon, Director of NYLREI’s Structured Lending Group, called Kent one of the strongest industrial submarkets in the Seattle area.
Berkadia Managing Director Steve Skok placed the debt on Bridge Point Kent 300.