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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdvancedOperatingExpensesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advanced operating expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SaleOfStockNetAssetValueThreshold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Sale of Stock, Net Asset Value Threshold</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SaleOfStockNetAssetValueThreshold_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NAV threshold</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commitments and Contingencies Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commitments and Contingencies</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoansAssumed1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans Assumed</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoansAssumed1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Assumption of mortgage loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AccruedShareholderServicingFeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Accrued Shareholder Servicing Fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AccruedShareholderServicingFeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accrued Shareholder Servicing Fees [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AccruedShareholderServicingFeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued shareholder servicing fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Asset, Expected Amortization, Year Four</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2029</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity, Par or Stated Value Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable common shares, par value (in dollar per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Fiscal Period Focus</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Fiscal Period Focus</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Interest Rate, Stated Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted-Average Interest Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityShellCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Shell Company</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityShellCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Shell Company</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity, Shares Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance at the beginning of the year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable common shares, shares outstanding (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NewYorkNYMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">New York, NY [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NewYorkNYMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">New York, NY.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NewYorkNYMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">New York, NY</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_EconomicDependencyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Economic Dependency</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_EconomicDependencyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Economic Dependency [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_EconomicDependencyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Economic Dependency</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalFinancialInformationDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Additional Financial Information Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalFinancialInformationDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Assets and Other Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Temporary Equity, Stock Issued During Period, Shares, New Issues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity, Stock Issued During Period, Shares, New Issues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Issuance of common shares (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash and Cash Equivalent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash and cash equivalents</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSecuredNotesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from secured notes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSecuredNotesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Secured Notes Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Maturities of Long-Term Debt [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Future Principal Payments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Distributions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Distributions to non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_InlandEmpireCAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Inland Empire, CA [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_InlandEmpireCAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Inland Empire, CA.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_InlandEmpireCAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Inland Empire, CA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule III - Real Estate and Accumulated Depreciation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CurrentExpectedCreditLossRecoveryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Current Expected Credit Loss Recovery [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CurrentExpectedCreditLossRecoveryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Current expected credit loss recovery.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CurrentExpectedCreditLossRecoveryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CECL Recovery</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management, Strategy, and Governance [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ConsiderationReceivedForBeneficialInterestObtainedForTransferringFinancialAssetThirdPartyVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Consideration Received for Beneficial Interest Obtained for Transferring Financial Asset, Third Party Ventures</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ConsiderationReceivedForBeneficialInterestObtainedForTransferringFinancialAssetThirdPartyVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consideration Received for Beneficial Interest Obtained for Transferring Financial Asset, Third Party Ventures</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ConsiderationReceivedForBeneficialInterestObtainedForTransferringFinancialAssetThirdPartyVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Allocation to non-controlling interests in third party ventures</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Shares, Issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, shares issued (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskBoardOfDirectorsOversightTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Board of Directors Oversight [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllowanceForNotesAndLoansReceivableCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Allowance for Credit Loss, Current</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllowanceForNotesAndLoansReceivableCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Current expected credit loss allowance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllowanceForNotesAndLoansReceivableCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">CECL Allowance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statement [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ReimbursementRemainingBalance_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Remaining Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ReimbursementRemainingBalance_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Reimbursement Remaining Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ReimbursementRemainingBalance_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Reimbursement remaining balance.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityCollateral_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Collateral</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest receivable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Receivable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Noncontrolling Interest [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateSubsidiaryLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Subsidiary Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateSubsidiaryLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchase price, Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateSubsidiaryLiabilities_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Purchase price, Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statement [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFilerCategory_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Filer Category</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFilerCategory_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Filer Category</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RealEstateHeldForDevelopmentAndSaleNetTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Held For Development And Sale Net [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RealEstateHeldForDevelopmentAndSaleNetTable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Real Estate Held For Development And Sale Net.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities and Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total liabilities and equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year Three</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2028</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesByIndustryAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Industry Sector [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesByIndustryAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Industry Sector [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Lived Tangible Asset [Axis]</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentBuildingAndBuildingImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Building and Building Improvements</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRealEstatePropertiesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Property, Ownership [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRealEstatePropertiesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate Property, Ownership [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instruments Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value of Financial Instruments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharesIssuedPricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shares Issued, Price Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharesIssuedPricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted shares issued (in dollar per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Event [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Land and Land Improvements, Initial Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Third Party Engaged [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Documents Incorporated by Reference [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SegmentGeographicalDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Geographical [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Acquire Intangible Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Intangible assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherDepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Depreciation and Amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherDepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depreciation and amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted Cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccruedRentCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accrued Rent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccruedRentCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued deferred lease costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareRepurchaseProgramRepurchasePricePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share Repurchase Program, Repurchase Price, Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareRepurchaseProgramRepurchasePricePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share Repurchase Program, Repurchase Price, Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareRepurchaseProgramRepurchasePricePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Repurchase price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Issuance Costs, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred Fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Deferred financing costs, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Debt Issuance Costs, Net, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Lease, Acquired</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAcquired_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Below-market lease</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestChangeInRedemptionValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest, Change in Redemption Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestChangeInRedemptionValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Allocation to redeemable non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BedfordINMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Bedford, IN</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BedfordINMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Bedford, IN [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BedfordINMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bedford, IN</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period, Value, Dividend Reinvestment Plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distribution reinvestment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstateOtherDeductions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Other Deduction</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstateOtherDeductions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Property, Plant and Equipment [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantContributionsRelatedToRealEstateUnderDevelopment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Tenant Contributions Related To Real Estate Under Development</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantContributionsRelatedToRealEstateUnderDevelopment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tenant contributions related to real estate under development.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantContributionsRelatedToRealEstateUnderDevelopment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tenant contributions related to real estate under development</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NorfolkVA1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Norfolk, VA1 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NorfolkVA1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Norfolk, VA1.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NorfolkVA1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Norfolk, VA1</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Asset, Useful Life</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted-average life (Years)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TemporaryEquityPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Temporary Equity, Policy</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TemporaryEquityPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TemporaryEquityPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Common Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonrelatedPartyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Nonrelated Party [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonrelatedPartyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nonrelated Party</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CharlotteNCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Charlotte, NC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CharlotteNCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Charlotte, NC [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CharlotteNCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Charlotte, NC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NumberOfLeaseInvestmentsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Lease Investments, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NumberOfLeaseInvestmentsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Lease Investments, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NumberOfLeaseInvestmentsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net lease investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management, Strategy, and Governance [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_Recovery_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Recovery</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_Recovery_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Recovery.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_Recovery_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Recovery</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of preferred shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance of Preferred Stock and Preference Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distribution payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income (loss) per share of common share, basic (USD per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Lease, Amortization Income, Year Three</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2028</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssued1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssued1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distribution reinvestment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonStockDividendsPerShareDeclaredOnCommonShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock Dividends Per Share Declared On Common Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonStockDividendsPerShareDeclaredOnCommonShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common stock dividends per share declared on common shares.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonStockDividendsPerShareDeclaredOnCommonShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distributions declared on common shares (USD per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevolvingCreditFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Revolving Credit Facility [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevolvingCreditFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Revolving Credit Facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Lease, Lease Income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rental revenue:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Rental revenues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total rental revenue:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Lease, Amortization Income, Year One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Adjustments to reconcile net income to cash provided by operating activities:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SubscriptionsReceivedInAdvance_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Subscriptions Received In Advance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SubscriptionsReceivedInAdvance_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subscriptions Received In Advance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SubscriptionsReceivedInAdvance_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subscriptions received in advance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_St.LouisMOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">St. Louis, MO</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_St.LouisMOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">St. Louis, MO [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_St.LouisMOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">St. Louis, MO</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassFSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Class F-S</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassFSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class F-S [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassFSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class F-S common shares, $0.01 par value per share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ChicagoILMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Chicago, IL [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ChicagoILMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Chicago, IL.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ChicagoILMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Chicago, IL</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity, Attributable to Parent [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntitySmallBusiness_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Small Business</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntitySmallBusiness_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Small Business</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Retained Earnings (Accumulated Deficit)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accumulated deficit and cumulative distributions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_JewelOscoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Jewel Osco [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_JewelOscoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Jewel Osco.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_JewelOscoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Jewel Osco</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherCommitmentsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Commitments [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherCommitmentsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Commitments [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesIndustryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Industry Sector [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesIndustryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Industry Sector [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Well-known Seasoned Issuer</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockPricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sale of Stock, Price Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockPricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sale of stock (in dollar per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ClassESharesOperatingPartnershipUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Class E Shares/Operating Partnership Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ClassESharesOperatingPartnershipUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class E Shares/Operating Partnership Units [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ClassESharesOperatingPartnershipUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class E Shares/Operating Partnership Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Dividends</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payments of dividends</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividends_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Payment of distributions to common shareholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PanamaCityFLMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Panama City, FL</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PanamaCityFLMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Panama City, FL [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PanamaCityFLMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Panama City, FL</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfDeferredCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amortization of Deferred Charges</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfDeferredCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of deferred financing costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeasesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Leases [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ManagementFeePaidToAdvisorUponIssuanceOfUnitsToThirdPartiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Management Fee Paid To Advisor Upon Issuance Of Units To Third Parties</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ManagementFeePaidToAdvisorUponIssuanceOfUnitsToThirdPartiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Management Fee Paid To Advisor Upon Issuance Of Units To Third Parties [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ManagementFeePaidToAdvisorUponIssuanceOfUnitsToThirdPartiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Management Fee Paid To Advisor Upon Issuance Of Units To Third Parties</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DividendsDeclaredButNotYetPaidNonControllingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Dividends Declared but Not Yet Paid, Non-Controlling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DividendsDeclaredButNotYetPaidNonControllingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Declared but Not Yet Paid, Non-Controlling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DividendsDeclaredButNotYetPaidNonControllingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued distributions for redeemable non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash assumed on investment in consolidated joint venture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Sale, Maturity and Collection of Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Proceeds from Sale, Maturity and Collection of Investments, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DividendsDeclaredButNotYetPaidCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Dividends Declared but Not Yet Paid, Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DividendsDeclaredButNotYetPaidCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Declared but Not Yet Paid, Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DividendsDeclaredButNotYetPaidCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued distributions for common shareholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BuildToSuitArrangementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Build to suit arrangements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BuildToSuitArrangementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Build to suit arrangements.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BuildToSuitArrangementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Build-to-suit Arrangements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ChicagoIL1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">ChicagoIL1</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ChicagoIL1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Chicago IL1 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ChicagoIL1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Chicago IL1.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Provided by (Used in) Operating Activity, Including Discontinued Operation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net cash provided by operating activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ReimbursementAmountReimbursed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amount Reimbursed</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ReimbursementAmountReimbursed_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Reimbursement Amount Reimbursed</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ReimbursementAmountReimbursed_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Reimbursement amount reimbursed.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingCodmProfitLossMeasureHowUsedDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskRoleOfManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Role of Management [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Acquire Interest in Joint Venture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred equity interest acquired</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Investment in unconsolidated joint venture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amortization of Debt Discount (Premium)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of discount on mortgage loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Secured Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Secured debt arrangements, net, Carrying value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Secured debt, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total secured debt, net: Principal Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateEffectivePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Interest Rate, Effective Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateEffectivePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassFIOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class FIO [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassFIOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Class FIO.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassFIOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class F-IO Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassFIOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Class F-IO common shares, $0.01 par value per share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Income Tax, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Income Taxes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityCarryingAmountAttributableToParent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity, Carrying Amount, Attributable to Parent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityCarryingAmountAttributableToParent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable common shares, par value Class E shares, $0.01 per share, 1,225,000 shares issued and outstanding as of December 31, 2025 and 2024 (Note 9)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Supplemental Cash Flow Information [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Supplemental disclosure of non-cash financing activities:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_IncomeFromInvestmentsInRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Income from investments in real estate debt.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_IncomeFromInvestmentsInRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Income from investment in real estate debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_LeasingCommissionsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Leasing Commissions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_LeasingCommissionsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Leasing Commissions [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_LeasingCommissionsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Leasing commissions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RealEstateUnderDevelopment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Under Development</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RealEstateUnderDevelopment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Real estate under development.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RealEstateUnderDevelopment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real estate under development</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NumberOfLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NumberOfLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NumberOfLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net debt investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NumberOfLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Number of loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BalanceSheetLocationAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Financial Position Location, Balance [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ProceedsFromIssuanceOfRedeemableCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Proceeds from Issuance of Redeemable Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ProceedsFromIssuanceOfRedeemableCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance of Redeemable Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ProceedsFromIssuanceOfRedeemableCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of redeemable common shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NashvilleTNMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Nashville, TN [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NashvilleTNMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Nashville, TN.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NashvilleTNMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nashville, TN</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdvisorOrganizationAndOfferingExpensesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Advisor Organization And Offering Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdvisorOrganizationAndOfferingExpensesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Advisor Organization And Offering Expenses [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdvisorOrganizationAndOfferingExpensesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advisor Organization And Offering Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TypeOfArrangementAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Collaborative Arrangement and Arrangement Other than Collaborative [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsidiary, Ownership Percentage, Parent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest in joint venture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ArrangementsAndNonarrangementTransactionsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Collaborative Arrangement and Arrangement Other than Collaborative [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Depreciation Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depreciation expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Depreciation expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_MSREIHoldingInc.Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">MSREI Holding, Inc.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_MSREIHoldingInc.Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">MSREI Holding, Inc. [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_MSREIHoldingInc.Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">MSREI Holding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AmortizationOfDebtIssuanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Amortization of Debt Issuance Costs, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AmortizationOfDebtIssuanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amortization of Debt Issuance Costs, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AmortizationOfDebtIssuanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of real estate debt origination fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BlufftonINMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Bluffton, IN</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BlufftonINMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Bluffton, IN [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BlufftonINMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bluffton, IN</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net change in cash, cash equivalents, and restricted cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event Type [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Event Type [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandAndLandImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Land and Land Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandAndLandImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Land and land improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NumberOfTenants_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number of tenants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NumberOfTenants_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of tenants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Par or Stated Value Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, par value (in dollar per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OrganizationExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Organization Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OrganizationExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Organization Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OrganizationExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Organizational costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OrganizationExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Organization costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ConstructionInProgressAndTenantImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Construction In Progress and Tenant Improvements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ConstructionInProgressAndTenantImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Construction In Progress and Tenant Improvements.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ConstructionInProgressAndTenantImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Construction in progress and tenant improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Lease, Amortization Income, Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2030</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BaseRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Base Rate [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantAllowancePayable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tenant Allowance Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantAllowancePayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Tenant Allowance Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantAllowancePayable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Due to tenants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Other Operating Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ParentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Parent [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ParentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total Shareholders' Equity (Deficit)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFinStmtErrorCorrectionFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Financial Statement Error Correction [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instruments [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FremontCAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fremont, CA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FremontCAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fremont, CA [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FremontCAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Fremont, CA.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SaleOfStockClosingPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Sale of Stock, Closing Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SaleOfStockClosingPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sale of Stock, Closing Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SaleOfStockClosingPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Period after initial closing</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonStockDividendsPerShareDeclaredPriorToCommencementOfPrincipalOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Stock, Dividends, Per Share, Declared, Prior To Commencement Of Principal Operations</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonStockDividendsPerShareDeclaredPriorToCommencementOfPrincipalOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Dividends, Per Share, Declared, Prior To Commencement Of Principal Operations</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonStockDividendsPerShareDeclaredPriorToCommencementOfPrincipalOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distributions declared prior to principal operations commencement (USD per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SupplementalCashFlowElementsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Supplemental Cash Flow Elements [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SupplementalCashFlowElementsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Supplemental disclosure:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OwnershipDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Ownership [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OwnershipDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Ownership [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Current Fiscal Year End Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Current Fiscal Year End Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Long-Term Debt Instruments [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToMinorityShareholders_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payment of distributions to non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToMinorityShareholders_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Noncontrolling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarnestMoneyDeposits_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnest Money Deposits</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarnestMoneyDeposits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnest money deposit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment in unconsolidated joint venture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_HealthcarePropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Healthcare Property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_HealthcarePropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Healthcare Property [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_HealthcarePropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Healthcare Property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MovementInMinorityInterestRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity, Attributable to Noncontrolling Interest [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MovementInMinorityInterestRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity, Attributable to Noncontrolling Interest [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_HartfordCTMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Hartford, CT</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_HartfordCTMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Hartford, CT [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_HartfordCTMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hartford, CT</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_LosAngelesCA1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Los Angeles, CA1 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_LosAngelesCA1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Los Angeles, CA1.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_LosAngelesCA1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Los Angeles, CA1</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetAcquisitionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetAcquisitionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Asset Acquisition [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_StatementGeographicalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Geographical [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Lease, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Intangible liabilities, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Intangible liabilities, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestCostsCapitalized_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest capitalized to the warehouse credit facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestCostsCapitalized_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Costs Capitalized</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Securities, Trading, and Equity Securities, FV-NI [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Securities, Trading, and Equity Securities, FV-NI [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_Q22025AcquisitionsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Q2 2025 Acquisitions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_Q22025AcquisitionsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Q2 2025 Acquisitions [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_Q22025AcquisitionsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Q2 2025 acquisitions.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ProceedsFromSubscriptionsReceivedInAdvance_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Proceeds From Subscriptions Received In Advance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ProceedsFromSubscriptionsReceivedInAdvance_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Subscriptions Received In Advance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ProceedsFromSubscriptionsReceivedInAdvance_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subscriptions received in advance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Events</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FirstMortgageMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">First Mortgage [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FirstMortgageMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">First Mortgage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Class I</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class I [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class I common shares, $0.01 par value per share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdditionalPaidInCapitalAllocationToRedeemableCommonShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Additional Paid In Capital, Allocation To Redeemable Common Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdditionalPaidInCapitalAllocationToRedeemableCommonShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Additional Paid In Capital, Allocation To Redeemable Common Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdditionalPaidInCapitalAllocationToRedeemableCommonShares_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Allocation to redeemable common shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdditionalPaidInCapitalAllocationToRedeemableCommonShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Allocation to redeemable common shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Basis of Presentation and Significant Accounting Policies [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Significant Accounting Policies</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FeeHurdleAmountMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Fee Hurdle Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FeeHurdleAmountMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fee Hurdle Amount [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FeeHurdleAmountMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fee Hurdle Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FeeAsPercentageOfTotalReturnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Fee As Percentage Of Total Return</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FeeAsPercentageOfTotalReturnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fee As Percentage Of Total Return [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FeeAsPercentageOfTotalReturnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fee As Percentage Of Total Return</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherCommitmentsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Commitments [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherCommitmentsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Commitments [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Unamortized Discount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscount_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Debt Instrument, Unamortized Discount, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unamortized mortgage discount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party Transaction [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SeattleWAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Seattle, WA [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SeattleWAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Seattle, WA.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SeattleWAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Seattle WA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tenant One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Tenant One [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tenant one.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_NameOfMajorCustomerDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Customer [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets, Major Class Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Finite-Lived Intangible Assets, Major Class Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Asset, Expected Amortization, after Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Thereafter</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Ownership percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherCommitmentsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Commitments [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherCommitmentsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Commitments [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Stockholders' Equity [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Increase (Decrease) in Stockholders' Equity [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAdditionsBuildingAndSiteImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule 1228 Real Estate Companies InvestmentIn Real Estate Additions Building and site improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAdditionsBuildingAndSiteImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SEC Schedule 1228 real estate companies investmentIn real estate additions building and site improvements.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAdditionsBuildingAndSiteImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Building and site improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateHeldForDevelopmentAndSaleNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Held for Development and Sale, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateHeldForDevelopmentAndSaleNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net purchase price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetAcquisitionContingentConsiderationTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition, Contingent Consideration [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetAcquisitionContingentConsiderationTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Purchase Price Allocation, Inclusive of Capitalized Costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StraightLineRent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Straight Line Rent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StraightLineRent_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Straight-line rent adjustment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorLeaseDescriptionTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Lease, Description [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate Under Development</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfCapitalUnitsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity, Capital Unit or Share [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfCapitalUnitsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity, Capital Unit or Share [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted-Average Maturity Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Maturity Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MinimumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Minimum [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MinimumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Minimum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ManagementFeePaidToAdvisorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Management Fee Paid To Advisor</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ManagementFeePaidToAdvisorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Management Fee Paid To Advisor [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ManagementFeePaidToAdvisorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Management Fee Paid To Advisor</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instrument [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financial Instrument [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amortization of Intangible Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdvanceExpensesReimbursementPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Advance Expenses Reimbursement Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdvanceExpensesReimbursementPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Advance Expenses Reimbursement Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdvanceExpensesReimbursementPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advance expenses reimbursement period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segment Reporting [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_LineOfCreditFacilityFeatureAllowsIncreaseLimit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line Of Credit Facility Feature Allows Increase Limit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_LineOfCreditFacilityFeatureAllowsIncreaseLimit_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Line of credit facility feature alows increase limit.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_LineOfCreditFacilityFeatureAllowsIncreaseLimit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Line of credit facility feature increase limit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Fair Value of Financial Instruments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CapitalizationLongtermDebtAndEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Capitalization, Long-Term Debt and Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CapitalizationLongtermDebtAndEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Capitalization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PaymentsOfDividendsPriorToCommencementOfPrincipalOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Payments of Dividends, Prior To Commencement Of Principal Operations</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PaymentsOfDividendsPriorToCommencementOfPrincipalOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Dividends, Prior To Commencement Of Principal Operations</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PaymentsOfDividendsPriorToCommencementOfPrincipalOperations_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Payment of distributions prior to principal operations commencement</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DebtInstrumentExtensionTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt Instrument, Extension Term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DebtInstrumentExtensionTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Extension Term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DebtInstrumentExtensionTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Extension term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Accumulated Depreciation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel">Balance at the end of the period:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance at the beginning of the period:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel">Balance at the beginning of the period:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_WarehouseFundingFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Warehouse Funding Facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_WarehouseFundingFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Warehouse Funding Facility [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_WarehouseFundingFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Warehouse funding facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NHNetREITOperatingPartnershipLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">NH Net REIT Operating Partnership, LP</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NHNetREITOperatingPartnershipLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NH Net REIT Operating Partnership, LP [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NHNetREITOperatingPartnershipLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NH Net REIT Operating Partnership, LP</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shares, Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Common shares, ending balance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Common shares, beginning balance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Investment in Real Estate Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Restricted Cash and Cash Equivalent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commitments and Contingencies</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commitments and contingencies (Note 15)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SharesRepurchasesIncurredButNotYetPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Shares Repurchases, Incurred But Not Yet Paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SharesRepurchasesIncurredButNotYetPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shares Repurchases, Incurred But Not Yet Paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SharesRepurchasesIncurredButNotYetPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued share repurchases</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shareholders' Equity and Share-Based Payments [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ScheduleOfBelowMarketLeasesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Schedule of Below Market Leases</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ScheduleOfBelowMarketLeasesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Below Market Leases [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ScheduleOfBelowMarketLeasesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Below Market Leases</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorFirmId_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Auditor Firm ID</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Basis Spread on Variable Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Basis spread</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Weighted-Average Interest Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xlink:role="http://www.xbrl.org/2009/role/netLabel">Interest rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BelowMarketLeaseAmortizationIncomeAfterYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Lease Amortization Income After Year Four</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BelowMarketLeaseAmortizationIncomeAfterYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Below market lease amortization income after year four.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BelowMarketLeaseAmortizationIncomeAfterYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Thereafter</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditLossStatusAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Credit Loss Status [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateHeldForDevelopmentAndSaleNetAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Held for Development and Sale, Net [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Concentration Risk Benchmark [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherSundryLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Sundry Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherSundryLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Other Sundry Liabilities, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherSundryLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Variable Interest Entity, Primary Beneficiary [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Variable Interest Entity, Primary Beneficiary</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OrganizationAndOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Organization And Offering [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OrganizationAndOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Organization and offering.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OrganizationAndOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Organization and Offering</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SecSchedule1229InvestmentInMortgageLoansOnRealEstateLocationOfPropertyExtensibleList_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Investment in Mortgage Loans on Real Estate, Location of Property [Extensible Enumeration]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ReimbursementExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Reimbursement Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ReimbursementExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Reimbursement expenses.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ReimbursementExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reimbursement expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonStockDividendsAggregateGrossDistributionsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Stock, Dividends, Aggregate Gross Distributions Per Share, Declared</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonStockDividendsAggregateGrossDistributionsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Dividends, Aggregate Gross Distributions Per Share, Declared</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonStockDividendsAggregateGrossDistributionsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate gross distributions declared per share (in USD per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Capital Expenditures Incurred but Not yet Paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Capital expenditures accrued, but not yet paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net income (loss)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableGross_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, before Allowance for Credit Loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableGross_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Principal Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseGross_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Lease, Gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseGross_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Intangible lease liabilities, gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeasesAcquiredInPlaceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Leases, Acquired-in-Place [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeasesAcquiredInPlaceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">In-place leases</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstatePolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstatePolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments in Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongtermDebtTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Type [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongtermDebtTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Long-Term Debt, Type [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Positions or Committees Responsible [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Weighted Average Number of Shares Outstanding, Basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted-average shares of common shares outstanding, basic (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAccumulatedAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Lease, Accumulated Amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAccumulatedAmortization_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Accumulated amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Information [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Information [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Lived Tangible Asset [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Long-Lived Tangible Asset [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule IV - Mortgage Loans on Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskProcessForInformingManagementOrCommitteesResponsibleTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Events [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Events</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Direct Costs of Leased and Rented Property or Equipment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rental property operating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments in real estate debt, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Long-term debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Amortized Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party Transactions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableRateDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Variable Rate [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity, Attributable to Parent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Par or Stated Value Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, par value (in dollar per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Basis of Accounting, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Basis of Presentation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_MidlandTXMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Midland, TX [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_MidlandTXMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Midland, TX.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_MidlandTXMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Midland TX</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Stockholders' Equity [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investments, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments in real estate, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Investments in real estate, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SECScheduleIIIRealEstateNumberOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of Properties</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SECScheduleIIIRealEstateNumberOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2025 (Remaining)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherLiabilitiesDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Liabilities Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Acquire Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Acquisition value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Acquisition of real estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Payments to acquire real estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Payments to Acquire Real Estate, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tenant Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Tenant Two [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tenant two.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TheMortgageLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The Mortgage Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TheMortgageLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">The Mortgage Loans [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TheMortgageLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mortgage loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2030</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NetIncomeLossAttributableToParentAndThirdPartyNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Net Income (Loss) Attributable to Parent and Third Party Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NetIncomeLossAttributableToParentAndThirdPartyNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss) Attributable to Parent and Third Party Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NetIncomeLossAttributableToParentAndThirdPartyNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income (loss)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoninterestIncomeOther_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noninterest Income, Other</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoninterestIncomeOther_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TriadelphiaWVMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Triadelphia, WV</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TriadelphiaWVMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Triadelphia, WV [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TriadelphiaWVMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Triadelphia, WV</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantContributionsRelatedToRealEstateUnderDevelopmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Tenant Contributions Related to Real Estate Under Development [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantContributionsRelatedToRealEstateUnderDevelopmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tenant Contributions Related to Real Estate Under Development.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantContributionsRelatedToRealEstateUnderDevelopmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tenant contributions related to real estate under development</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-controlling interests in third party ventures and attributable to preferred shareholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Non-controlling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument, Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year Four</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2029</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ClevelandOHMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Cleveland, OH</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ClevelandOHMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cleveland, OH [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ClevelandOHMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cleveland, OH</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingCodmIndividualTitleAndPositionOrGroupOrCommitteeNameExtensibleEnumeration_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PlanNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Plan Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_Q22024AcquisitionsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Q2 2024 Acquisitions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_Q22024AcquisitionsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Q2 2024 Acquisitions [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_Q22024AcquisitionsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Q2 2024 Acquisitions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_StockIssuedDuringPeriodSharesShareClassTransferNet_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Share class transfer (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_StockIssuedDuringPeriodSharesShareClassTransferNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period Shares Share Class Transfer Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_StockIssuedDuringPeriodSharesShareClassTransferNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Stock issued during period shares share class transfer, net.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Other Operating Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Other assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentUnamortizedPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unamortized mortgage premium</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentUnamortizedPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Unamortized Premium</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentUnamortizedPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Debt Instrument, Unamortized Premium, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Building [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Buildings</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ScheduleOfExpensesAdvancedByTheAdviserAndReimbursementsTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Expenses Advanced By The Adviser and Reimbursements [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ScheduleOfExpensesAdvancedByTheAdviserAndReimbursementsTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Schedule of expenses advanced by the adviser and reimbursements.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ScheduleOfExpensesAdvancedByTheAdviserAndReimbursementsTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Expenses Advanced by the Adviser and Reimbursements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditFacilityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Credit Facility [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstatePeriodicPaymentTerms_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Periodic Payment Terms, Description</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstatePeriodicPaymentTerms_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Periodic Payment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Expertise of Management Responsible [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, Year Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredChargesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Deferred Charges, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredChargesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred Financing Costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Lease, Amortization Income, Year Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related and Nonrelated Parties [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related and Nonrelated Parties [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_MountPleasantWIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mount Pleasant, WI</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_MountPleasantWIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mount Pleasant, WI [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_MountPleasantWIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Mount Pleasant, WI.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ClassFSAndClassSSharesOutstandingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Class F-S And Class S Shares Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ClassFSAndClassSSharesOutstandingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class F-S And Class S Shares Outstanding [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ClassFSAndClassSSharesOutstandingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class F-S And Class S Shares Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherCommitmentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Commitments [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherCommitmentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Commitments [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Repurchased During Period, Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares repurchased (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Common shares repurchased (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeasesOfLessorDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Leases [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeasesOfLessorDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Leases</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfReportableSegments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number of Reportable Segments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfReportableSegments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reportable segments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AggregateBaseRentsNotYetCommenced_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate base rents not yet commenced</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AggregateBaseRentsNotYetCommenced_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Aggregate Base Rents Not Yet Commenced</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AggregateBaseRentsNotYetCommenced_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Aggregate base rents not yet commenced.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditFacilityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Credit Facility [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentVariableInterestRateTypeExtensibleEnumeration_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Noncontrolling Interest, Equity, Carrying Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance at the beginning of the year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable non-controlling interests (Note 9)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareholderServicingFeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Shareholder Servicing Fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareholderServicingFeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shareholder Servicing Fees [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareholderServicingFeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shareholder Servicing Fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Outstanding Shares of Redeemable Common Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassFIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Class F-I</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassFIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class F-I [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassFIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class F-I common shares, $0.01 par value per share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateFederalIncomeTaxBasis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateFederalIncomeTaxBasis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cost basis of investments for U.S. federal income tax purposes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Intangible Assets Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Intangibles</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CounterpartyNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Counterparty Name [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CounterpartyNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Counterparty Name [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Concentration Risk Type [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SiteImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Site Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SiteImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Site Improvements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SiteImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Site improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Cash, cash equivalents, and restricted cash at the end of the period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total cash, cash equivalents and restricted cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Cash, cash equivalents and restricted cash at the beginning of the period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestPaidNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Paid, Excluding Capitalized Interest, Operating Activity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestPaidNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statistical Measurement [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statistical Measurement [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Compensation expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OrganizationAndOfferingExpensesPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Organization And Offering Expenses, Policy</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OrganizationAndOfferingExpensesPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Organization And Offering Expenses, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OrganizationAndOfferingExpensesPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Organization and Offering Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateFaceAmountOfMortgages_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateFaceAmountOfMortgages_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Principal Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_IcfrAuditorAttestationFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">ICFR Auditor Attestation Flag</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredRentReceivablesNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Deferred Rent Receivables, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredRentReceivablesNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tenant receivables</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditLossStatusDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Credit Loss Status [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Financial Position [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeAfterYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Lease, Amortization Income, after Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeAfterYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Thereafter</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseVariableLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Lease, Variable Lease Income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseVariableLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Variable lease payments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Line of credit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Line of Credit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction, Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related party transaction rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class of Stock [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class of Stock [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management, Strategy, and Governance [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Tenant Improvements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tenant Improvements.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TenantImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tenant improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateLiabilitiesAssociatedWithAssetsHeldForDevelopmentAndSale_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Liabilities Associated with Assets Held for Development and Sale</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateLiabilitiesAssociatedWithAssetsHeldForDevelopmentAndSale_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total purchase price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PrepaidExpensesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Prepaid expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PrepaidExpensesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Prepaid Expenses [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PrepaidExpensesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Prepaid Expenses.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SecuredDebtAmortizedCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Secured Debt, Amortized Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SecuredDebtAmortizedCost_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Secured debt, amortized cost.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SecuredDebtAmortizedCost_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total secured debt, net: Amortized Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instruments [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financial Instruments [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentsPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investments [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentsPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments in Unconsolidated Joint Ventures</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PaymentOfMortgageLoanProceedsToNon-ControllingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payment of Mortgage Loan Proceeds to Non-controlling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PaymentOfMortgageLoanProceedsToNon-ControllingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Payment of mortgage loan proceeds to non-controlling interest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PaymentOfMortgageLoanProceedsToNon-ControllingInterest_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payment of mortgage loan proceeds to non-controlling interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncomeLeasePayments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Lease, Lease Income, Lease Payments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncomeLeasePayments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fixed lease payments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCash_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Restricted Cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Restricted Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_KansasCityKSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Kansas City, KS</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_KansasCityKSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Kansas City, KS [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_KansasCityKSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Kansas City, KS</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableRateAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Variable Rate [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets, Gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Intangible lease assets, gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Weighted Average Number of Shares Outstanding, Diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted-average shares of common shares outstanding, diluted (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFileNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFileNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SaleOfStocksClosingPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sale of Stocks, Closing Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SaleOfStocksClosingPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Sale of stocks, closing period.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SaleOfStocksClosingPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Period after initial closing</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_JointVentureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Joint Venture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_JointVentureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Joint Venture [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_JointVentureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Joint Venture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investment Financial Statements, Disclosure [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate Investment Financial Statements, Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income attributable to non-controlling interests in Operating Partnership unit holders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Other assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CoverAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt and Equity Securities, FV-NI [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt and Equity Securities, FV-NI [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareRepurchasePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share Repurchase Plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareRepurchasePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share Repurchase Plan [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareRepurchasePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share repurchase plan.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest, Increase from Sale of Parent Equity Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Issuance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SalesRevenueNetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Revenue Benchmark [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SalesRevenueNetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Revenue Benchmark</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgagesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mortgages [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgagesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mortgage loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number of Operating Segments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Operating segments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sale of Stock [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sale of Stock [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segment Reporting Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Segment Information</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">General and Administrative Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">General and administrative</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Noncontrolling Interest [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAdditionsLand_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Additions, Land</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAdditionsLand_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Additions, Land</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAdditionsLand_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Land and land improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAdditionsLand_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Land and land improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StandbyLettersOfCreditMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Standby Letters of Credit [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StandbyLettersOfCreditMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stand by Letters of Credit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsDeclaredTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Declared [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsDeclaredTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Distribution Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Event [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Class S</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class S [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class S common shares, $0.01 par value per share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Intangible lease assets, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Interest Rate During Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Average all-in interest rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Interest rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfRealEstateProperties_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number of Real Estate Properties</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfRealEstateProperties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of properties</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfRealEstateProperties_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Number of real estate properties</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Buildings, Initial Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_WashingtonDCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Washington, D.C. [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_WashingtonDCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Washington, D.C.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_WashingtonDCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Washington, D.C.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorLeasesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Leases [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorLeasesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rental Revenue</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment, Useful Life</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depreciable Life</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FundingOfDeferredLeaseCosts_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Funding of deferred lease costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FundingOfDeferredLeaseCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Funding Of Deferred Lease Costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FundingOfDeferredLeaseCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Funding of deferred lease costs.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">New Accounting Pronouncements, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Recent Accounting Pronouncements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Lessee, Operating Lease, Liability, to be Paid, Maturity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationByPropertyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, by Property [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OwnershipAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Ownership [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OwnershipAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Ownership [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosureAssetAndLiabilityNotMeasuredAtFairValueLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosureAssetAndLiabilityNotMeasuredAtFairValueLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Depreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Depreciation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Depreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depreciation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AmortizedCostOfDebtInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amortized Cost Of Debt Instruments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AmortizedCostOfDebtInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Amortized cost of debt instruments.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AmortizedCostOfDebtInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortized Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdvancedOrganizationAndOfferingExpensesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Advanced Organization And Offering Expenses [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdvancedOrganizationAndOfferingExpensesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Advanced organization and offering expenses.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdvancedOrganizationAndOfferingExpensesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advanced organization and offering expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InventoryRealEstateLandAndLandDevelopmentCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Costs related to development of land</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InventoryRealEstateLandAndLandDevelopmentCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Inventory, Real Estate, Land and Land Development Costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Shares, Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Common shares, ending balance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Common shares, beginning balance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, shares outstanding (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Depreciation, Depletion and Amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depreciation and amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredRentCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Deferred Rent Credit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredRentCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unearned rental income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementProcessesIntegratedFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Processes Integrated [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateOwnedTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Owned [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateOwnedTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments in Real Estate, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentTransitionReport_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Transition Report</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentTransitionReport_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Transition Report</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_LosAngelesCAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Los Angeles CA [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_LosAngelesCAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Los Angeles CA.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_LosAngelesCAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Los Angeles, CA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Loan [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FremontCA1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fremont CA1 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FremontCA1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Fremont CA1.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FremontCA1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fremont CA1</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments for Repurchase of Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Repurchase of common shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConstructionPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Construction Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConstructionPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Construction payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ColumbusOHMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Columbus, OH</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ColumbusOHMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Columbus, OH [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ColumbusOHMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Columbus, OH.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateScheduleTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate Schedule [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Cash Flows [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfFirstMortgageBond_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance of First Mortgage Bond</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfFirstMortgageBond_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from mortgage loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period, Value, New Issues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common shares issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedStockExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Restricted Stock or Unit Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedStockExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of restricted share grants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Finite-Lived Intangible Assets [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdvisorOperatingExpensesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Advisor Operating Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdvisorOperatingExpensesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Advisor Operating Expenses [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AdvisorOperatingExpensesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advisor Operating Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_StockIssuedDuringPeriodSharesShareClassTransfer_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period Shares Share Class Transfer</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_StockIssuedDuringPeriodSharesShareClassTransfer_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Stock issued during period shares share class transfer.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_StockIssuedDuringPeriodSharesShareClassTransfer_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Share class transfer (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_StockIssuedDuringPeriodSharesShareClassTransfer_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of shares exchanged</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_StockIssuedDuringPeriodSharesShareClassTransfer_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Share class transfer (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableUnamortizedLoanCommitmentOriginationFeeAndPremiumDiscount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableUnamortizedLoanCommitmentOriginationFeeAndPremiumDiscount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred Fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementProcessesIntegratedTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Processes Integrated [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net income (loss) attributable to common shareholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FounderShareClassesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Founder Share Classes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FounderShareClassesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Founder Share Classes [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FounderShareClassesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Founder Share Classes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OperatingExpensesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Operating Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OperatingExpensesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Expenses [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OperatingExpensesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Operating Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Intangible Assets, Net (Excluding Goodwill)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Intangible assets, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsMinorityInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Ordinary Dividends, Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsMinorityInterest_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payment of distributions to non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProvisionForLoanLeaseAndOtherLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Provision for Loan, Lease, and Other Losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProvisionForLoanLeaseAndOtherLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Increase in current expected credit loss allowance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProvisionForLoanLeaseAndOtherLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Allowance for current expected credit losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProvisionForLoanLeaseAndOtherLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Provision for Loan, Lease, and Other Losses, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProvisionForLoanLeaseAndOtherLosses_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Decrease (Increase) in current expected credit loss allowance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProvisionForLoanLeaseAndOtherLosses_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Recovery (allowance) for current expected credit losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Assets [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConstructionInProgressMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Construction in Progress [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConstructionInProgressMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Construction in progress</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Fiscal Year Focus</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Fiscal Year Focus</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investment Property, Accumulated Depreciation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Accumulated depreciation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInTemporaryEquityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Temporary Equity [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInTemporaryEquityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Increase (Decrease) in Temporary Equity [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ClassFSAndClassSSharesSoldMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Class F-S And Class S Shares Sold</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ClassFSAndClassSSharesSoldMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class F-S And Class S Shares Sold [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ClassFSAndClassSSharesSoldMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class F-S And Class S Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Concentration Risk Benchmark [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AssumptionOfNetAssetsFromConsolidatedJointVenture_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Assumption Of Net Assets From Consolidated Joint Venture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AssumptionOfNetAssetsFromConsolidatedJointVenture_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Assumption of net assets from consolidated joint venture.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AssumptionOfNetAssetsFromConsolidatedJointVenture_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Assumption of net assets from consolidated joint venture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Provided by (Used in) Investing Activity, Including Discontinued Operation [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash flows from investing activities:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpenseNonoperating_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Expense, Nonoperating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpenseNonoperating_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpenseNonoperating_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Interest expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, Year One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DeferredRentReceivablesStraightLineNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Deferred Rent Receivables, Straight Line, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DeferredRentReceivablesStraightLineNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Deferred Rent Receivables, Straight Line, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DeferredRentReceivablesStraightLineNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Straight-line rent receivables</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RepaymentsToRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Fundings of real estate debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RepaymentsToRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Repayments To Real Estate Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RepaymentsToRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Repayments of real estate debt.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Asset, Expected Amortization, Year One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investment Property, at Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CantonOHMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Canton, OH</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CantonOHMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Canton, OH [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CantonOHMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Canton, OH</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAssumed1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities Assumed</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAssumed1_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Assumed Borrowings</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total other liabilities:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosuresAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Disclosures [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commitments and Contingencies Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PrepaidExpenseCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Prepaid expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PrepaidExpenseCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Prepaid Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Properties [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate Properties [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForProceedsFromDepositsOnRealEstateAcquisitions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments for (Proceeds from) Deposits on Real Estate Acquisitions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForProceedsFromDepositsOnRealEstateAcquisitions_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Change in earnest money and other deposits</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockConsiderationReceivedOnTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sale of Stock, Consideration Received on Transaction</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockConsiderationReceivedOnTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate consideration</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Notes Receivable, Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Investment in real estate debt, net, Estimated fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss) Attributable to Redeemable Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">GAAP income allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Line of Credit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Warehouse funding facility (Note 9)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Long-Term Line of Credit, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Revolving credit facility outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DistributionsToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Distributions To Redeemable Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DistributionsToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Distributions to redeemable noncontrolling interest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DistributionsToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Distributions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NorfolkVAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Norfolk, VA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NorfolkVAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Norfolk, VA [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NorfolkVAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Norfolk, VA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NewYorkCityNewJerseyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">New York City / New Jersey [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NewYorkCityNewJerseyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">New York City / New Jersey.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NewYorkCityNewJerseyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">New York City / New Jersey</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsidiarySaleOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sale of Stock [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsidiarySaleOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sale of Stock [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherMinorityInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Noncontrolling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherMinorityInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-controlling interest attributable to preferred shareholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AccruedDeferredLeaseCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accrued Deferred Lease Costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AccruedDeferredLeaseCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Accrued deferred lease costs.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AccruedDeferredLeaseCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued deferred lease costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfOtherAssetsAndOtherLiabilitiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Other Assets and Other Liabilities [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfOtherAssetsAndOtherLiabilitiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Other Assets and Other Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Concentration Risk, Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tenant concentration revenue percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance at the beginning of the year:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Balance at the end of the year:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Carrying Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFairValue_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Secured debt arrangements, net, Estimated fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Revenues_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Revenues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Revenues_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total revenues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Provided by (Used in) Investing Activity, Including Discontinued Operation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net cash used in investing activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PrivatePlacementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Private Placement [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PrivatePlacementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Private Placement</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FederalFundsEffectiveSwapRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fed Funds Effective Rate Overnight Index Swap Rate [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FederalFundsEffectiveSwapRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Federal Funds Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OfferingCostsIncurredButNotYetPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Offering Costs Incurred But Not Yet Paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OfferingCostsIncurredButNotYetPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Offering Costs Incurred But Not Yet Paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OfferingCostsIncurredButNotYetPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued offering costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related and Nonrelated Parties [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related and Nonrelated Parties [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, after Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Thereafter</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity, Shares Issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable common shares, shares issued (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsPayableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounts payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsPayableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounts Payable [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total future minimum rent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Information [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Information [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntitiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidated Entities [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntitiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Consolidated Entities [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Changes in assets and liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfInterestInPartnershipUnit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Sale of Interest in Partnership Unit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfInterestInPartnershipUnit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of operating partnership units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule Of Remaining Useful Lives Of Real Estate Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, Year Four</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2029</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Additional Paid-in Capital [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional paid-in capital</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialMortgageBackedSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage-Backed Securities [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialMortgageBackedSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial Mortgage Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAssetsHeldForDevelopmentAndSale_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Assets Held for Development and Sale</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAssetsHeldForDevelopmentAndSale_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Real Estate Assets Held for Development and Sale, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAssetsHeldForDevelopmentAndSale_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchase price, Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Buildings, Costs Capitalized Subsequent to Acquisition</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareRepurchaseProgramNetAssetValueThresholdPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share Repurchase Program, Net Asset Value Threshold, Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareRepurchaseProgramNetAssetValueThresholdPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share Repurchase Program, Net Asset Value Threshold, Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareRepurchaseProgramNetAssetValueThresholdPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate NAV percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Intangible Asset, Finite-Lived [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Finite-Lived Intangible Assets [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Related Party Transactions, by Related Party [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Event Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2030</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableNetAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, after Allowance for Credit Loss [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Description</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Credit agreement description</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Finite-Lived Intangible Assets [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Finite-Lived Intangible Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Provided by (Used in) Financing Activity, Including Discontinued Operation [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash flows from financing activities:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Unused Capacity, Commitment Fee Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Revolving credit facility unused portion per annum fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityExTransitionPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Ex Transition Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityExTransitionPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Ex Transition Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Common Shares and Non-Controlling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment in unconsolidated joint venture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Components [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Components [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommissionsFeePaidToDealerManagerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commissions Fee Paid To Dealer Manager</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommissionsFeePaidToDealerManagerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commissions Fee Paid To Dealer Manager [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommissionsFeePaidToDealerManagerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commissions Fee Paid To Dealer Manager</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityComponentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Component [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityComponentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Component [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OperatingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OperatingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Operating.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OperatingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Operating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorLeaseDescriptionLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Lease, Description [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Goodwill and Intangible Assets Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentAnnualReport_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Annual Report</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MajorCustomersAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Customer [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_UnfundedCommitmentsInvestmentInUnconsolidatedJointVenturesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Unfunded Commitments, Investment In Unconsolidated Joint Ventures</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_UnfundedCommitmentsInvestmentInUnconsolidatedJointVenturesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Unfunded Commitments, Investment In Unconsolidated Joint Ventures [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_UnfundedCommitmentsInvestmentInUnconsolidatedJointVenturesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unfunded Commitments, Investment in Unconsolidated Joint Venture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NoncontrollingInterestIncreaseDecreaseFromFairValueAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Noncontrolling Interest, Increase (Decrease) From Fair Value Allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NoncontrollingInterestIncreaseDecreaseFromFairValueAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest, Increase (Decrease) From Fair Value Allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NoncontrollingInterestIncreaseDecreaseFromFairValueAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Carrying Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment in real estate debt, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableNet_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Investment in real estate debt, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment in real estate debt, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Building and Building Improvements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Building and building improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MaximumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Maximum [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MaximumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maximum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfStockByClassTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Stock by Class [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfStockByClassTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Stock by Class</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statistical Measurement [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statistical Measurement [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets, Accumulated Amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Accumulated amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetailSectorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Retail Sector [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetailSectorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Retail</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Value, Issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common shares, par value $0.01 per share, 52,131,183 and 34,705,985 shares issued and outstanding as of December 31, 2025 and 2024, respectively (Note 12)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RealEstateHeldForDevelopmentAndSaleNetLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Held For Development And Sale Net [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RealEstateHeldForDevelopmentAndSaleNetLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Real Estate Held For Development And Sale Net.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityExpirationDate1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Expiration Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityExpirationDate1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Letters of credit maturity date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DistributionMadeToLimitedPartnerCashDistributionsPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Distribution Made to Limited Partner, Cash Distributions Paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DistributionMadeToLimitedPartnerCashDistributionsPaid_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Payment of distributions to operating partnership units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FundingOfConstructionRelatedToInvestmentInConsolidatedJointVenture_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Funding of construction related to investment in consolidated joint venture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FundingOfConstructionRelatedToInvestmentInConsolidatedJointVenture_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Funding Of Construction Related To Investment In Consolidated Joint Venture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_FundingOfConstructionRelatedToInvestmentInConsolidatedJointVenture_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Funding of construction related to investment in consolidated joint venture.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidation, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Principles of Consolidation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AccruedPropertyExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Accrued Property Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AccruedPropertyExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accrued Property Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AccruedPropertyExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued property expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity, Including Portion Attributable to Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredOvernightFinancingRateSofrMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">SOFR</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredOvernightFinancingRateSofrMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Secured Overnight Financing Rate (SOFR) [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_HealthcareSectorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Healthcare Sector</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_HealthcareSectorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Healthcare Sector [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateGrossAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Gross Amounts at which Carried at the Close of Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateGrossAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateGrossAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance at the beginning of the period:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateGrossAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Balance at the end of the period:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Thereafter</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, after Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction, Amounts of Transaction</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Upfront selling commissions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Lease, Amortization Income, Remainder of Fiscal Year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2025 (Remaining)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Finite-Lived Intangible Assets, Future Amortization Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityPublicFloat_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Public Float</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BostonMA2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Boston, MA 2</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BostonMA2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Boston, MA 2 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BostonMA2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Boston, MA 2</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostsAndExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Costs and Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostsAndExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets by Major Class [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Finite-Lived Intangible Assets by Major Class [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Debt [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OtherShareClassesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Other Share Classes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OtherShareClassesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Share Classes [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OtherShareClassesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Share Classes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party Transaction [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Secured Debt, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityVoluntaryFilers_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Voluntary Filers</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CustomerConcentrationRiskMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Customer Concentration Risk [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CustomerConcentrationRiskMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Tenant Concentration</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Asset, Expected Amortization, Year Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Nonoperating Income (Expense)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total other income (expenses)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Additional Paid in Capital</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional paid-in capital</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Events [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Positions or Committees Responsible [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntitiesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidated Entities [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntitiesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Consolidated Entities [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Asset, Expected Amortization, Year Three</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2028</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareCashPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Dividends, Per Share, Cash Paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareCashPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, dividends, per share, cash paid (in dollar per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Acquire Productive Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total purchase price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total purchase price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OrganizationAndOfferingExpensesIncurred_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Organization And Offering Expenses Incurred</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OrganizationAndOfferingExpensesIncurred_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Organization And Offering Expenses Incurred</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_OrganizationAndOfferingExpensesIncurred_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advanced operating expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Repurchased During Period, Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares repurchased</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Common shares repurchased</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ConsiderationReceivedForBeneficialInterestObtainedForTransferringFinancialAssetRedeemableCommonShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Consideration Received for Beneficial Interest Obtained for Transferring Financial Asset, Redeemable Common Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ConsiderationReceivedForBeneficialInterestObtainedForTransferringFinancialAssetRedeemableCommonShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consideration Received for Beneficial Interest Obtained for Transferring Financial Asset, Redeemable Common Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ConsiderationReceivedForBeneficialInterestObtainedForTransferringFinancialAssetRedeemableCommonShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Allocation to redeemable common shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Buildings, Gross Amounts at which Carried at the Close of Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassEMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Class E</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassEMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class E [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonClassEMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class E common shares, $0.01 par value per share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance of Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of common shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Costs and Expenses [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ProceedsFromContributionsFromTenants_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Contributions From Tenants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ProceedsFromContributionsFromTenants_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Proceeds from contributions from tenants.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ProceedsFromContributionsFromTenants_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Contributions from tenants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Common Stock, Shares Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Common Stock, Shares Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NumberOfLandUnderDevelopment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Land Under Development</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NumberOfLandUnderDevelopment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of land under development.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NumberOfLandUnderDevelopment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of land under development</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate compensation (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AtlantaGAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Atlanta, GA [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AtlantaGAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Atlanta, GA.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_AtlantaGAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Atlanta, GA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Property, Plant and Equipment [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class of Financing Receivable [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class of Financing Receivable [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Income Statement [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestInJointVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest in Joint Ventures</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestInJointVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-controlling interests in third-party ventures</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestInJointVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Non-controlling interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestInJointVentures_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Non-controlling interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition_lbl" xlink:role="http://www.xbrl.org/2003/role/label">APIC, Share-Based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of restricted share grants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareholderServicesFeeIncurredButNotYetPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Shareholder Services Fee Incurred But Not Yet Paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareholderServicesFeeIncurredButNotYetPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shareholder Services Fee Incurred But Not Yet Paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareholderServicesFeeIncurredButNotYetPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued shareholder servicing fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, New Mortgage Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan fundings</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate compensation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share-Based Compensation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PhoenixAZ1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Phoenix AZ1 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PhoenixAZ1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Phoenix AZ1.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PhoenixAZ1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">PhoenixAZ1</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_WeightedAverageMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Weighted Average [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_WeightedAverageMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted Average</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sale of Stock, Number of Shares Issued in Transaction</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sale of common shares (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityInitiationDate1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Initiation Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityInitiationDate1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Credit agreement entered date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period, Shares, New Issues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common shares issued (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income (loss) per share of common share, diluted (USD per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandAndLandImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Land and Land Improvements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandAndLandImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Land and land improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Asset, Expected Amortization, Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2029</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">2030</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PaymentsForEarnestMoneyDepositFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Payments For Earnest Money Deposit, Financing Activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PaymentsForEarnestMoneyDepositFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments For Earnest Money Deposit, Financing Activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PaymentsForEarnestMoneyDepositFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Earnest money deposit attributable to secured debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_Security12gTitle_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Title of 12(g) Security</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PhoenixAZ2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">PhoenixAZ2 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PhoenixAZ2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">PhoenixAZ2.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_PhoenixAZ2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">PhoenixAZ2</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends, Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Distributions declared on common shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetAcquisitionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetAcquisitionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Asset Acquisition [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CityAreaCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CityAreaCode_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionLand_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionLand_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Land and Land Improvements, Costs Capitalized Subsequent to Acquisition</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProvisionForLoanLossesExpensed_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Credit Loss, Expense (Reversal)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProvisionForLoanLossesExpensed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Decrease (Increase) in current expected credit loss allowance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProvisionForLoanLossesExpensed_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Change in current expected credit loss allowance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorName_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Auditor Name</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonStockDividendsShareholderServicingFeePerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Stock, Dividends, Shareholder Servicing Fee Per Share, Declared</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonStockDividendsShareholderServicingFeePerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Dividends, Shareholder Servicing Fee Per Share, Declared</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CommonStockDividendsShareholderServicingFeePerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Shareholder servicing fee per share (in USD per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CurrentExpectedCreditLossAllowanceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CECL Allowance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CurrentExpectedCreditLossAllowanceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Current Expected Credit Loss Allowance [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_CurrentExpectedCreditLossAllowanceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Current expected credit loss allowance.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Lines of Credit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Proceeds from Lines of Credit, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Borrowing under the warehouse funding facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Face Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total secured debt, net: Principal Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_KansasCityMOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Kansas City, MO</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_KansasCityMOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Kansas City, MO [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_KansasCityMOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Kansas City, MO</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Maximum Borrowing Capacity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Line of credit facility, maximum borrowing capacity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Credit facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BuildToSuitResearchAndDevelopmentFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Build To Suit Research And Development Facility [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BuildToSuitResearchAndDevelopmentFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Build to suit research and development facility.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BuildToSuitResearchAndDevelopmentFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Build to suit research and development facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DallasTXMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dallas, TX [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DallasTXMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Dallas, TX.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DallasTXMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dallas, TX</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Disclosure of Asset and Liability Not Measured at Fair Value [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Disclosure of Asset and Liability Not Measured at Fair Value [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialAndIndustrialSectorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial and Industrial Sector [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialAndIndustrialSectorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Industrial</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RepurchaseAgreementCounterpartyNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Counterparty Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RepurchaseAgreementCounterpartyNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Counterparty Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ReimbursementAmountAdvanced_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Reimbursement Amount Advanced</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ReimbursementAmountAdvanced_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Reimbursement amount advanced.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ReimbursementAmountAdvanced_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amount Advanced</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateNamePropertyTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Land and Land Improvements, Gross Amounts at which Carried at the Close of Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfAboveAndBelowMarketLeases_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amortization of above and below Market Leases</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfAboveAndBelowMarketLeases_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of above- and (below)- market lease, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfAboveAndBelowMarketLeases_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Amortization of (above)- and below- market lease, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash and Cash Equivalents</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BelowMarketLeasesUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Leases Useful Life</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BelowMarketLeasesUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Below market Leases useful life.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BelowMarketLeasesUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted-average life (Years)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToDevelopRealEstateAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Develop Real Estate Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToDevelopRealEstateAssets_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Capital improvements to real estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SpecialLimitedPartnerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Special Limited Partner</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SpecialLimitedPartnerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Special Limited Partner [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_SpecialLimitedPartnerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Special Limited Partner</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestPeriodIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest, Period Increase (Decrease)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestPeriodIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Noncontrolling Interest, Period Increase (Decrease), Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestPeriodIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net contributions from non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestPeriodIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net contributions from non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfBelowMarketLease_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amortization of Below Market Lease</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfBelowMarketLease_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization related to below-market lease</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_MinorityInterestContributionsToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Minority Interest Contributions To Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_MinorityInterestContributionsToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Minority interest contributions to noncontrolling interest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_MinorityInterestContributionsToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Contributions to non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Retained Earnings [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accumulated deficit and cumulative distributions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ProceedsFromOriginationFeeOnRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Proceeds From Origination Fee On Real Estate Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ProceedsFromOriginationFeeOnRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Origination Fee On Real Estate Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ProceedsFromOriginationFeeOnRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Origination fees from real estate debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetAcquisitionConsiderationTransferred_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition, Consideration Transferred</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetAcquisitionConsiderationTransferred_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net purchase price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Stock Issuance Costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Upfront selling commissions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Payment of offering costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareRepurchasePlanQuarterlyCapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share Repurchase Plan, Quarterly Cap</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareRepurchasePlanQuarterlyCapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share Repurchase Plan, Quarterly Cap [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_ShareRepurchasePlanQuarterlyCapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share Repurchase Plan, Quarterly Cap</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Redeemable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income (loss) attributable to non-controlling interests in third-party ventures</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Provided by (Used in) Financing Activity, Including Discontinued Operation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net cash provided by financing activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetAcquisitionTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetAcquisitionTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Asset Acquisition</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, Year Three</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2028</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorLocation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Auditor Location</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_IndustrialPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Industrial Property [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_IndustrialPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Industrial Properties</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Secured Debt [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Secured Note</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstatePeriodIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Decrease (Increase) in current expected credit loss allowance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstatePeriodIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Period Increase (Decrease)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstatePeriodIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Period Increase (Decrease), Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Nonoperating Income (Expense) [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other income (expenses)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NetContributionsFromNonControllingInterestsOnNonCashActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Contributions from Non Controlling Interests on Non Cash Activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NetContributionsFromNonControllingInterestsOnNonCashActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Net contributions from non-controlling interests on non-cash activities.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_NetContributionsFromNonControllingInterestsOnNonCashActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net contributions from non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Interactive Data Current</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Interactive Data Current</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoanOnRealEstateFinalMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Final Maturity Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoanOnRealEstateFinalMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maturity Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncomeTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Lease, Lease Income [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncomeTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Operating Lease, Lease Income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reconciliation of Carrying Value of Loans:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Provided by (Used in) Operating Activity, Including Discontinued Operation [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash flows from operating activities:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Repayments of Lines of Credit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Repayment of warehouse funding facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TheSecuredNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The Secured Note</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TheSecuredNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">The Secured Note [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_TheSecuredNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Secured note</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinanceLoansAndLeasesReceivablePolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinanceLoansAndLeasesReceivablePolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate Debt and Current Expected Credit Losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CapitalUnitLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Capital Unit [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CapitalUnitLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Capital Unit [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate, Type of Property [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireLand_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payments to acquire land</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireLand_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to acquire land</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Equivalents, at Carrying Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash equivalents</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AboveMarketLeasesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Above Market Leases [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AboveMarketLeasesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Above-market lease</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Dividends, Per Share, Declared</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net distributions declared per share (in USD per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RedemptionsPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redemptions Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RedemptionsPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Redemptions payable.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RedemptionsPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redemptions payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenuesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Revenues [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenuesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Revenues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Land [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Land</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Common Stock Outstanding Roll Forward [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Common Shares Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DetroitMIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Detroit, MI</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DetroitMIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Detroit, MI [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DetroitMIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Detroit, MI</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongtermDebtTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongtermDebtTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Long-Term Debt, Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StraightLineRentAdjustments_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Variable lease payments (1)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StraightLineRentAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Straight Line Rent Adjustments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StraightLineRentAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Variable lease payments (1)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BostonMA1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Boston, MA 1</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BostonMA1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Boston, MA 1 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_BostonMA1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Boston, MA 1</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RealEstateUnderDevelopmentAcquisitionMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate Under Development Acquisition</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RealEstateUnderDevelopmentAcquisitionMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Under Development Acquisition [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_RealEstateUnderDevelopmentAcquisitionMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Real estate under development acquisition.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Organization and Business Purpose</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Noncontrolling Interest [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Activity of Redeemable Non-controlling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DividendsCommonStockPriorToCommencementOfPrincipalOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Dividends, Common Stock, Prior To Commencement Of Principal Operations</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DividendsCommonStockPriorToCommencementOfPrincipalOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends, Common Stock, Prior To Commencement Of Principal Operations</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001999784_DividendsCommonStockPriorToCommencementOfPrincipalOperations_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Distributions declared prior to principal operations commencement ($216.89 gross per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LocalPhoneNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LocalPhoneNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party Transaction [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Lease, Amortization Income, Year Four</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BelowMarketLeaseAmortizationIncomeYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2029</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RetailSiteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Retail Site [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RetailSiteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Retail Property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorOpinionTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Auditor Opinion [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Financing Costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payment of deferred financing costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsiderationReceivedForBeneficialInterestObtainedForTransferringFinancialAsset_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consideration Received for Beneficial Interest Obtained for Transferring Financial Asset</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsiderationReceivedForBeneficialInterestObtainedForTransferringFinancialAsset_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Allocation to redeemable non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Offering costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Interest Rate Description</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate description</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounting Policies [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period, Shares, Dividend Reinvestment Plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distribution reinvestment (in shares)</link:label>
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  <xsd:element id="ck0001999784_CommonStockDividendsAggregateGrossDistributionsPerShareDeclared" name="CommonStockDividendsAggregateGrossDistributionsPerShareDeclared" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_St.LouisMOMember" name="St.LouisMOMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_CommonClassFSMember" name="CommonClassFSMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_UnfundedCommitmentsInvestmentInUnconsolidatedJointVenturesMember" name="UnfundedCommitmentsInvestmentInUnconsolidatedJointVenturesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_ProceedsFromSubscriptionsReceivedInAdvance" name="ProceedsFromSubscriptionsReceivedInAdvance" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_MSREIHoldingInc.Member" name="MSREIHoldingInc.Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_PhoenixAZ1Member" name="PhoenixAZ1Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_CommonStockDividendsShareholderServicingFeePerShareDeclared" name="CommonStockDividendsShareholderServicingFeePerShareDeclared" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_ShareholderServicingFeesMember" name="ShareholderServicingFeesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_FounderShareClassesMember" name="FounderShareClassesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_CommonStockDividendsPerShareDeclaredPriorToCommencementOfPrincipalOperations" name="CommonStockDividendsPerShareDeclaredPriorToCommencementOfPrincipalOperations" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" name="TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_ClevelandOHMember" name="ClevelandOHMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_DistributionsToRedeemableNoncontrollingInterest" name="DistributionsToRedeemableNoncontrollingInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_TenantAllowancePayable" name="TenantAllowancePayable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_RealEstateUnderDevelopment" name="RealEstateUnderDevelopment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_RealEstateHeldForDevelopmentAndSaleNetTable" name="RealEstateHeldForDevelopmentAndSaleNetTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_NetContributionsFromNonControllingInterestsOnNonCashActivities" name="NetContributionsFromNonControllingInterestsOnNonCashActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_NumberOfLoans" name="NumberOfLoans" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_TenantOneMember" name="TenantOneMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_SaleOfStockNetAssetValueThreshold" name="SaleOfStockNetAssetValueThreshold" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_ReimbursementRemainingBalance" name="ReimbursementRemainingBalance" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_ShareRepurchaseProgramNetAssetValueThresholdPercentage" name="ShareRepurchaseProgramNetAssetValueThresholdPercentage" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_NashvilleTNMember" name="NashvilleTNMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_HartfordCTMember" name="HartfordCTMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_FundingOfConstructionRelatedToInvestmentInConsolidatedJointVenture" name="FundingOfConstructionRelatedToInvestmentInConsolidatedJointVenture" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_KansasCityKSMember" name="KansasCityKSMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_PrepaidExpensesMember" name="PrepaidExpensesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_TenantTwoMember" name="TenantTwoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_StockIssuedDuringPeriodSharesShareClassTransferNet" name="StockIssuedDuringPeriodSharesShareClassTransferNet" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_OrganizationExpenses" name="OrganizationExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_RealEstateHeldForDevelopmentAndSaleNetLineItems" name="RealEstateHeldForDevelopmentAndSaleNetLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_NewYorkNYMember" name="NewYorkNYMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_AdvisorOperatingExpensesMember" name="AdvisorOperatingExpensesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_CurrentExpectedCreditLossAllowanceMember" name="CurrentExpectedCreditLossAllowanceMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_AccruedShareholderServicingFeesMember" name="AccruedShareholderServicingFeesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_ReimbursementAmountAdvanced" name="ReimbursementAmountAdvanced" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_NorfolkVAMember" name="NorfolkVAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_AdvanceExpensesReimbursementPeriod" name="AdvanceExpensesReimbursementPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_SaleOfStockClosingPeriod" name="SaleOfStockClosingPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_DallasTXMember" name="DallasTXMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_FundingOfDeferredLeaseCosts" name="FundingOfDeferredLeaseCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_ChicagoIL1Member" name="ChicagoIL1Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_AccruedDeferredLeaseCosts" name="AccruedDeferredLeaseCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_StockIssuedDuringPeriodSharesShareClassTransfer" name="StockIssuedDuringPeriodSharesShareClassTransfer" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_CurrentExpectedCreditLossRecoveryMember" name="CurrentExpectedCreditLossRecoveryMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_NorfolkVA1Member" name="NorfolkVA1Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_OrganizationAndOfferingMember" name="OrganizationAndOfferingMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_TriadelphiaWVMember" name="TriadelphiaWVMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_OperatingMember" name="OperatingMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_IncomeFromInvestmentsInRealEstateDebt" name="IncomeFromInvestmentsInRealEstateDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_RedemptionsPayable" name="RedemptionsPayable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_SiteImprovementsMember" name="SiteImprovementsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_DividendsDeclaredButNotYetPaidCommonStock" name="DividendsDeclaredButNotYetPaidCommonStock" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_BostonMA2Member" name="BostonMA2Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_ConsiderationReceivedForBeneficialInterestObtainedForTransferringFinancialAssetRedeemableCommonShares" name="ConsiderationReceivedForBeneficialInterestObtainedForTransferringFinancialAssetRedeemableCommonShares" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_ConsiderationReceivedForBeneficialInterestObtainedForTransferringFinancialAssetThirdPartyVentures" name="ConsiderationReceivedForBeneficialInterestObtainedForTransferringFinancialAssetThirdPartyVentures" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_NumberOfLandUnderDevelopment" name="NumberOfLandUnderDevelopment" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_ReimbursementExpenses" name="ReimbursementExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_ShareRepurchasePlanMember" name="ShareRepurchasePlanMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_CommonClassFIMember" name="CommonClassFIMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_CommonClassIOMember" name="CommonClassIOMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_ProceedsFromContributionsFromTenants" name="ProceedsFromContributionsFromTenants" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_SaleOfStocksClosingPeriod" name="SaleOfStocksClosingPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_OrganizationAndOfferingExpensesPolicyPolicyTextBlock" name="OrganizationAndOfferingExpensesPolicyPolicyTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_TheSecuredNoteMember" name="TheSecuredNoteMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_SecuredDebtAmortizedCost" name="SecuredDebtAmortizedCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_ShareRepurchaseProgramRepurchasePricePercentage" name="ShareRepurchaseProgramRepurchasePricePercentage" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_LosAngelesCA1Member" name="LosAngelesCA1Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_SeattleWAMember" name="SeattleWAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_JewelOscoMember" name="JewelOscoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_CommonClassFIOMember" name="CommonClassFIOMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_BostonMA1Member" name="BostonMA1Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_HealthcarePropertyMember" name="HealthcarePropertyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_AdditionalPaidInCapitalAllocationToRedeemableCommonShares" name="AdditionalPaidInCapitalAllocationToRedeemableCommonShares" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_FremontCAMember" name="FremontCAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_JointVentureMember" name="JointVentureMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_NumberOfLeaseInvestmentsNet" name="NumberOfLeaseInvestmentsNet" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_TenantContributionsRelatedToRealEstateUnderDevelopmentMember" name="TenantContributionsRelatedToRealEstateUnderDevelopmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_FeeAsPercentageOfTotalReturnMember" name="FeeAsPercentageOfTotalReturnMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_BuildToSuitResearchAndDevelopmentFacilityMember" name="BuildToSuitResearchAndDevelopmentFacilityMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_ShareholderServicesFeeIncurredButNotYetPaid" name="ShareholderServicesFeeIncurredButNotYetPaid" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_ShareRepurchasePlanQuarterlyCapMember" name="ShareRepurchasePlanQuarterlyCapMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_SharesRepurchasesIncurredButNotYetPaid" name="SharesRepurchasesIncurredButNotYetPaid" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_TheMortgageLoansMember" name="TheMortgageLoansMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_ProceedsFromOriginationFeeOnRealEstateDebt" name="ProceedsFromOriginationFeeOnRealEstateDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_DetroitMIMember" name="DetroitMIMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_OrganizationAndOfferingExpensesIncurred" name="OrganizationAndOfferingExpensesIncurred" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_ManagementFeePaidToAdvisorUponIssuanceOfUnitsToThirdPartiesMember" name="ManagementFeePaidToAdvisorUponIssuanceOfUnitsToThirdPartiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_SiteImprovements" name="SiteImprovements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_LeasingCommissionsMember" name="LeasingCommissionsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_CommonClassSMember" name="CommonClassSMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_ManagementFeePaidToAdvisorMember" name="ManagementFeePaidToAdvisorMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_AssumptionOfNetAssetsFromConsolidatedJointVenture" name="AssumptionOfNetAssetsFromConsolidatedJointVenture" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_ClassFSAndClassSSharesSoldMember" name="ClassFSAndClassSSharesSoldMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_LineOfCreditFacilityFeatureAllowsIncreaseLimit" name="LineOfCreditFacilityFeatureAllowsIncreaseLimit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_ConstructionInProgressAndTenantImprovementsMember" name="ConstructionInProgressAndTenantImprovementsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_CommonClassEMember" name="CommonClassEMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_RepaymentsToRealEstateDebt" name="RepaymentsToRealEstateDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_ChicagoILMember" name="ChicagoILMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_CommonStockDividendsPerShareDeclaredOnCommonShares" name="CommonStockDividendsPerShareDeclaredOnCommonShares" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_DebtInstrumentExtensionTerm" name="DebtInstrumentExtensionTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_ClassESharesOperatingPartnershipUnitsMember" name="ClassESharesOperatingPartnershipUnitsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_DeferredRentReceivablesStraightLineNet" name="DeferredRentReceivablesStraightLineNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_BedfordINMember" name="BedfordINMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_WashingtonDCMember" name="WashingtonDCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_KansasCityMOMember" name="KansasCityMOMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_TemporaryEquityPolicyPolicyTextBlock" name="TemporaryEquityPolicyPolicyTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_PaymentsForEarnestMoneyDepositFinancingActivities" name="PaymentsForEarnestMoneyDepositFinancingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_AdvancedOperatingExpensesMember" name="AdvancedOperatingExpensesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_FremontCA1Member" name="FremontCA1Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_ProceedsFromIssuanceOfRedeemableCommonStock" name="ProceedsFromIssuanceOfRedeemableCommonStock" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_MinorityInterestContributionsToNoncontrollingInterest" name="MinorityInterestContributionsToNoncontrollingInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_RealEstateUnderDevelopmentAcquisitionMember" name="RealEstateUnderDevelopmentAcquisitionMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_BlufftonINMember" name="BlufftonINMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_AmortizationOfDebtIssuanceCostsNet" name="AmortizationOfDebtIssuanceCostsNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_TenantImprovementsMember" name="TenantImprovementsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_AdvisorOrganizationAndOfferingExpensesMember" name="AdvisorOrganizationAndOfferingExpensesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_SubscriptionsReceivedInAdvance" name="SubscriptionsReceivedInAdvance" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_NHNetREITOperatingPartnershipLPMember" name="NHNetREITOperatingPartnershipLPMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001999784_DebtInstrumentNumberOfExtensionOptions" name="DebtInstrumentNumberOfExtensionOptions" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_OfferingCostsIncurredButNotYetPaid" name="OfferingCostsIncurredButNotYetPaid" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001999784_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAdditionsLand" name="SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAdditionsLand" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001999784_OperatingExpensesPolicyTextBlock" name="OperatingExpensesPolicyTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001999784_ScheduleOfBelowMarketLeasesTableTextBlock" name="ScheduleOfBelowMarketLeasesTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
</xsd:schema>
