New York Life Real Estate Investors originates $37.2 million mortgage loan secured by 926 South 4400 West Salt Lake City, Utah.
New York, January 5, 2021—New York Life Real Estate Investors announced today the construction financing for the development of NorthWest Commerce Center, a three-building industrial project comprised of 529,000 square feet located in Salt Lake City, Utah at 926 South 4400 West. Once complete, the project will consist of three Class A industrial warehouses with 32’ clear heights, 388 parking spaces and 101 dock doors. The project can also accommodate an additional 6+/- acres which can be used for trailer parking, additional auto parking or outside storage. The buildings range in size from 147,000 to 226,000 square feet and are designed to accommodate single or multi-tenant size ranges from 20,000 square feet to over 200,000 square feet.
“We are pleased to originate this construction loan and establish a new lending relationship with Phelan Development. Located within Salt Lake City’s California Avenue submarket, NorthWest Commerce Center will be a great option for tenants looking for best in class industrial buildings in this supply constrained environment,” said James Nearon, Director of New York Life Real Estate Investors’ Structured Lending Group.
“This financing demonstrates our ability to provide flexible construction financing to institutional sponsors on speculative projects,” added John Lippmann, Head of Structured Debt at New York Life Real Estate Investors.
Teresa Corral, Partner with Phelan Development, adds, “Salt Lake City is a dynamic industrial market poised for better than average market rent growth being propelled by user driven demand. NorthWest Commerce Center enjoys both excellent microeconomic factors combined with a strategic location, located in the heart of the Northwest Quadrant just 3 miles from newly renovated International Airport and 2.5 miles for the Union Pacific Intermodal hub. Delivery Q3 2021.”
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.
About Phelan Development
Phelan Development Company is a privately held real estate development firm focused on industrial and R&D flex development projects. They currently have three offices located in Newport Beach, San Francisco and Houston and also have a presence in Salt Lake City, Las Vegas, Portland and Seattle. Phelan Development Company has developed in excess of $4 billion in industrial, office and retail properties. They currently have over 4.5 million square feet under construction nationally, valued at over $500 million. For more information please visit: www.phelandevco.com.
New York Life Insurance Company