New York Life Real Estate Investors originates a $65 million mortgage loan secured by an industrial building in Kearny, New Jersey.
New York, September 17, 2020—New York Life Real Estate Investors announced today the financing of 50 Central Avenue, a 415,533 square foot, industrial warehouse recently developed by Seagis Property Group. The modern distribution facility includes a 40 foot ceiling height, as well as 88 overhead doors and is fully leased. The property’s location in Kearny, NJ provides excellent access to the Port of Newark and Newark Airport in addition to the densely populated New York and northern New Jersey markets.
“We are pleased to originate this loan with Seagis Property Group, an experienced industrial manager and developer,” said Keith Duane, Director in New York Life Estate Investors’ Northeast Regional Office. “The transaction benefits from strong credit tenancy and an in-fill, last-mile location within the New York metro industrial market.”
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 $59.7 billion in assets under management as of June 30, 20201, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
1Real Estate Investors AUM of $59.7B is gross and includes AUA ($1.4B) as of 6/30/2020. Net AUM for Real Estate Investors is $58.3B as of 6/30/2020.
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