New York Life Real Estate Investors originates $44.5 million mortgage loan secured by Bridge Point Kent 300, Kent, Washington.
New York, June 8, 2021—New York Life Real Estate Investors announced today the construction financing for the development of Bridge Point Kent 300, a two-building industrial project comprised of 309,028 square feet located on approximately 16 acres in Kent, Washington. The development is located on the site of the former REI headquarters. Once complete, the project will consist of two Class A industrial warehouse distribution buildings. The respective buildings will contain 50,529 square feet and 258,480 square feet with clear heights ranging from 32’ to 36’. The project will have 42 dock doors, 391 parking spaces, and approximately 26,000 square feet of additional yard space.
“We are pleased to originate this construction loan and establish a new lending relationship with Bridge Industrial,” said James Nearon, Director of New York Life Real Estate Investors’ Structured Lending Group. ”With great access in one of the strongest industrial submarkets in Seattle, this state of the art development is well-positioned to succeed.”
“This financing is a great addition to our structured lending platform and demonstrates New York Life Real Estate Investors’ continuing commitment to provide flexible construction lending to top tier sponsors on speculative projects,” added John Lippmann, Head of Structured Debt at New York Life Real Estate Investors.
We appreciate the partnership with New York Life Real Estate Investors on this rare opportunity to deliver such exceptionally located and designed product to a market that needs it more than ever,” said Justin Carlucci, Partner for Bridge’s Northwest Region.
Steve Skok of Berkadia Commercial Mortgage LLC placed the debt on this transaction.
About Bridge Industrial
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. For more information, please visit the New York Life Real Estate Investors website: http://www.newyorklife.com/realestateinvestors.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage backed securities. With over $61.5 billion in assets under management as of March 31, 2021. New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.1
1Real Estate Investors AUM of $61.5B is gross and includes AUA ($1.2B) as of 3/31/2021. Net AUM for Real Estate Investors is $60.8B as of 3/31/2021.
New York Life Insurance Company