Dealmaker: New York Life Real Estate Investors Originates $154M for Industrial, Multifamily
New York Life Real Estate Investors originated $154.2 million for industrial and multifamily assets in Virginia and Georgia.
In Ashburn, Va., NYLREI financed a portfolio of five Class A industrial buildings within the Beaumeade Corporate Park for Merritt Properties, Baltimore. The portfolio totals nearly 400,000 square feet and is 99 percent leased to government contractors, e-commerce distributors and technology and business services firms.
Mark Young, Senior Director of New York Life Real Estate Investors’ New York regional office, said Beaumeade Corporate Park is in one of the strongest submarkets in the nation and has easy access to major roadways in the Dulles Technology Corridor.
In Midlothian, Va., NYLREI originated $31.2 million for 192-unit multifamily property Sapphire at Centerpointe. The 10-year loan was made to Capital Square Realty Advisors, Glen Allen, Va., which specializes in tax-advantaged real estate offerings and includes Delaware statutory trusts, qualified opportunity zone funds and real estate investment trusts.
NYLREI Senior Director Randall Hall arranged the financing with Walker & Dunlop, Bethesda, Md.
Hall and Walker & Dunlop Senior Director Alexandra Huffman, Senior Managing Director Justin Nelson and Director Lynn Pearson also arranged $75 million for Capital Square Realty Advisors to acquire SouthLawn Lawrenceville, a 430-unit apartment community with 14,750 square feet of ground-floor retail space in Lawrenceville, Ga. about 25 miles northeast of Atlanta. The property is adjacent to the Lawrenceville Lawn, an outdoor park for city events and concerts and two blocks south of downtown Lawrenceville.
Yardi Matrix, Santa Barbara, reports the Lawrenceville submarket has outperformed the overall Atlanta apartment market with an average occupancy of 95.9 percent and 6.9 percent rent growth for the year ending in February 2021.