New York Life Refinances Apartments for Praedium
- Jun 22, 2015
By Eliza Theiss, Associate Editor
New York Life Real Estate Investors has originated a $24.5 million mortgage on behalf of institutional investors for a 270-unit multifamily asset in North Charleston, S.C., the New York Life Insurance Co. subsidiary announced.
The loan represents acquisition funding for The Praedium Group. According to Yardi Matrix data, the property, Ansley Commons, was owned by Nashville-based Carter-Haston Real Estate Services, which picked it up a few days before the sale for a yet-to-be-disclosed amount.
Carter-Haston and Praedium have previously jointly owned assets, such as the 474-unit Farms at Cool Springs in metro Nashville, Tenn. which they sold earlier in the year for $81.9 million to The Blackstone Group.
The $24.5 million loan was arranged by CBRE Capital Market’s Vice Chairmen Brian Eisendrath and Steve Heffner on behalf of Praedium.
Completed in 2014, Ansley Commons is located “in an area of Charleston that is seeing significant job growth in various sectors,” according to New York Life Real Estate Investors Senior Director Randall Hall. According to Hall, Ansley Common’s surroundings are expected to continue improving in terms of employment growth.
Image credits: Yardi Matrix