New York Life Real Estate Investors originates mortgage loan secured by 123 North Wacker Drive in Chicago, Illinois.
NEW YORK, January 27, 2017—New York Life Real Estate Investors announced today the financing, on behalf of institutional investors, of 123 North Wacker Drive, a 550,000 square foot, Class A office building located in Chicago, Illinois.
The floating rate loan has a term of 4 years and will be used to finance the acquisition, repositioning and leasing of the property on behalf of LaSalle Income and Growth Fund VII. A prominent office asset, 123 North Wacker is located in Chicago’s West Loop submarket.
“This is a unique opportunity to reposition 123 North Wacker, a prominent office asset with a premier address. The building offers some of the largest blocks of contiguous space along highly desirable Wacker Drive. We are pleased to add this loan with excellent sponsorship to our commercial real estate debt portfolio,” said John Howard, New York Life Real Estate Investors senior director who oversees loan originations in the Chicago Regional Office.
“This transaction illustrates our continued ability to provide capital for well structured, institutional quality, value-add projects,” said John Lippmann, New York Life Real Estate Investors senior director who manages the national bridge loan and construction finance program. Since its 2012 inception, the program has closed more than $2 billion of investments.
JLL Capital Markets acted as mortgage banker on the transaction.
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, commercial mortgage backed securities, and unsecured REIT bonds. With over $48 billion in assets under management as of December 31, 2016, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/17/16. For methodology, please see http://fortune.com/fortune500/
**Individual independent rating agency commentary as of 6/9/16.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
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