New York Life Real Estate Investors has funded a $185.1 million loan on behalf of Avalon Bay to refinance a three-property multifamily portfolio in the Los Feliz and Woodland Hills submarkets of Los Angeles. Theses are not typical or focal investment neighborhoods for the Los Angeles submarket. New York Life funded the deal, which was very competitive, to establish a relationship with Avalon Bay, a large owner of multifamily properties.

“This portfolio was a good fit for New York Life for a variety of reasons,” Kirk Kniss, senior director at New York Life Real Estate Investors in the Western Regional Office, tells GlobeSt.com. “This transaction allowed us to establish a solid relationship with Avalon Bay, one of the largest and strongest owners/operators of multi-family properties in the country. These are high-quality, high-performing properties in very strong markets/locations. The properties provide workforce housing, which is consistently in high demand in Los Angeles. Finally, this was a sizable transaction that provided a solid risk-adjusted investment/return for the company.”

Despite the submarkets, which are active but not top tier for the market, New York Life saw significant competition to win the deal. “There was a lot of competition for this deal—particularly from agency lenders. We offered very competitive pricing/terms and a comprehensive financing solution for Avalon Bay,” Kniss tells GlobeSt.com. “Moreover, Avalon Bay selected New York Life as they were convinced of our strong ability to perform and our responsiveness to their needs for this financing.”
While the firm has established a relationship with Avalon Bay, New York Life is actively pursuing opportunities in Los Angeles. “We are extremely active in the L.A. markets,” says Kniss. “We are actively pursuing the four major property types—office, industrial, retail and multi-family—throughout southern California and the west coast.”

New York Life Real Estate Investors has funded a $185.1 million loan on behalf of Avalon Bay to refinance a three-property multifamily portfolio in the Los Feliz and Woodland Hills submarkets of Los Angeles. Theses are not typical or focal investment neighborhoods for the Los Angeles submarket. New York Life funded the deal, which was very competitive, to establish a relationship with Avalon Bay, a large owner of multifamily properties.

“This portfolio was a good fit for New York Life for a variety of reasons,” Kirk Kniss, senior director at New York Life Real Estate Investors in the Western Regional Office, tells GlobeSt.com. “This transaction allowed us to establish a solid relationship with Avalon Bay, one of the largest and strongest owners/operators of multi-family properties in the country. These are high-quality, high-performing properties in very strong markets/locations. The properties provide workforce housing, which is consistently in high demand in Los Angeles. Finally, this was a sizable transaction that provided a solid risk-adjusted investment/return for the company.”

Despite the submarkets, which are active but not top tier for the market, New York Life saw significant competition to win the deal. “There was a lot of competition for this deal—particularly from agency lenders. We offered very competitive pricing/terms and a comprehensive financing solution for Avalon Bay,” Kniss tells GlobeSt.com. “Moreover, Avalon Bay selected New York Life as they were convinced of our strong ability to perform and our responsiveness to their needs for this financing.”
While the firm has established a relationship with Avalon Bay, New York Life is actively pursuing opportunities in Los Angeles. “We are extremely active in the L.A. markets,” says Kniss. “We are actively pursuing the four major property types—office, industrial, retail and multi-family—throughout southern California and the west coast.”