New York Life Real Estate Investors originates $112.6 million mortgage loan secured by Winslow San Diego, California.
New York, January 11, 2021—New York Life Real Estate Investors announced today the construction financing for the development of Winslow, a Class-A, mid-rise apartment community located within the University Heights neighborhood of San Diego, California. Upon completion, the project will consist of a seven-story building (with one additional story below grade) comprising of 379 apartment units, a 15,000 square foot CVS and 542 parking stalls. In addition to the ground floor retail space, the community will provide an amenity package that will include a coworking lounge, resort-style pool, fireside lounge with catering kitchen, fitness center, bike storage and private dog park. Interior apartment features will include quartz countertops, roller window shades, tile surround showers, vinyl plank flooring, 9-foot ceilings, stainless steel appliances and front load washer/dryers.
“We are pleased to originate this construction loan and further our lending relationship with Lennar Multifamily Communities (“LMC”) and PGIM Real Estate,” said James Nearon, Director of New York Life Real Estate Investors’ Structured Lending Group. “With its best in class amenities, central location within the desirable University Heights neighborhood and easy access to Downtown, Winslow will be well positioned for success.”
“This financing illustrates New York Life Real Estate Investors’ continuing commitment to provide large project construction financings for top tier sponsors in all market conditions,” added John Lippmann, Head of Structured Debt at New York Life Real Estate Investors.
Chris Caison with Newmark placed the debt on this transaction.
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 for more information.
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 $60 billion in assets under management as of September 30, 2020, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.1
1Real Estate Investors AUM of $60.0B is gross and includes AUA ($1.4B) as of 9/30/2020. Net AUM for Real Estate Investors is $59.4B as of 9/30/2020.
New York Life Insurance Company