New York Life Real Estate Investors originates a mortgage loan secured by Las Marinas Apartments Sunny Isles Beach, Florida.
New York, June 18, 2020—New York Life Real Estate Investors announced today the construction-to-permanent financing of Las Marinas Apartments, which consists of two, to-be-constructed 17-story luxury residential towers totaling 256 units and an existing 336-unit residential tower known as Marina Del Mar. The non-recourse loan funded in an initial amount of $97,000,000 with a commitment to fund up to an additional $15,000,000 subject to the satisfaction of certain conditions. The loan has a 15-year term with a fixed interest rate.
“It is a great pleasure to provide financing to The Brunetti Organization for the development of Las Marinas Apartments,” said Senior Director Rob Boyd at New York Life Real Estate Investors’ Southeast Regional Office. “The development towers will offer high-end unit finishes, an unparalleled amenity package, and walkable access to the beach coupled with water views of the Intracoastal. There has been virtually no new apartment rental product delivered in Sunny Isles Beach over the past 20 years and the new Las Marinas towers will clearly be the best in class option.”
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage backed securities. With over $59.3 billion in assets under management as of March 31, 2020.1 New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
1Real Estate Investors AUM of $59.3B is gross and includes AUA ($1.4B) as of 3/31/2020. Net AUM for Real Estate Investors is $57.9B as of 3/31/2020.
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