August 24, 2021 8:00 AM
Newmark1, as an exclusive advisor to GID Investment Advisers, announces it has arranged $627.55 million in financing for a portfolio of nine Class A multifamily projects, totaling 2,588 units across California, Washington, Massachusetts and Georgia.
Vice Chairmen Ramsey Daya and Stephan Gianoplus, Senior Managing Director Chris Moritz and Vice President John Westby-Gibson of Newmark’s Debt & Structured Finance team helped arrange the financing in Georgia, Massachusetts and Washington, on behalf of the owner. In California, Vice Chairmen Ramsey Daya and Chris Moritz arranged the financing on behalf of the owner.
“Life companies offer some of the lowest cost of capital in the market for financing multifamily assets and remain highly selective in the opportunities they pursue,” said Daya. “The high-level of interest shown by the market for this financing speaks to the quality of these assets and the strength of the sponsor.”
The portfolio consists of Class A assets with a proven operating track record and successful performance throughout COVID-19. All individual properties offer residents amenities, including fitness centers, swimming pools, lounges and BBQs. Select properties feature more luxurious amenities such as spas and sauna rooms, arcade rooms, business centers, pet play areas and washing stations.
Gianoplus added, “With a pristine track record of over six decades, GID has consistently delivered long-term value from its strategic investments. By taking advantage of one of the best times in history to secure financing, GID has once again put themselves in a favorable position to continue this trend with this world-class portfolio.”
¹dba Newmark Knight Frank in California
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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