New York Life Real Estate Investors originates construction-to-permanent financing for the residences at 8 East Huron in Chicago, Illinois.
NEW YORK, October 20, 2016 - New York Life Real Estate Investors, on behalf of institutional investors, announced today the construction-to-permanent loan financing of The Residences at 8 East Huron, a to-be-built 102 unit, Class A residential and retail property located in Chicago, Illinois.
The fixed rate loan has a term of 15 years and will be used to finance the construction and leasing of the property on behalf of a venture led by CA Residential. The Residences at 8 East Huron is located in the heart of the Gold Coast/River North submarket within walking distance to the neighborhood’s wide array of restaurants, shopping venues and businesses.
“The Residences at 8 East Huron will be one of the highest quality multifamily developments in the market and 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 continuing ability to provide long term capital for well structured, institutional quality ground-up developments,”said John Lippmann, New York Life Real Estate Investors senior director who manages the national bridge loan and construction finance program. Since being formalized in 2012, the program has closed more than $2 billion of investments.
Bill Barry of Draper and Kramer, Inc. 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 $46.3 billion in assets under management as of June 30, 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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