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Newmark Lines Up $628M Financing for GID Multifamily Portfolio
Newmark arranged $627.55 million in financing on behalf of GID Investment Advisers for a portfolio of nine Class A multifamily projects, totaling 2,588 units across California, Washington, Massachusetts and Georgia. The lending source wasn’t identified.
A San Francisco and Bethesda, MD-based team of vice chairmen Ramsey Daya and Stephan Gianoplus, senior managing director Chris Moritz and VP John Westby-Gibson helped arrange the financing in Georgia, Massachusetts and Washington. In California, Daya and Moritz arranged the financing.
“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.
- ◦Financing
