New York Life Real Estate Investors originates $119,700,000 mortgage loan secure by PARQ, Denver, Colorado.
NEW YORK, December 27, 2016 - New York Life Real Estate Investors announced today the construction-to-permanent financing, on behalf of institutional investors, of PARQ, a to-be-built 302 unit high rise Class A+ apartment complex located in Denver, Colorado. The property is being developed by Greystar Real Estate Partners. The fixed rate loan has a term of 10 years and will be used to finance the construction and leasing of the property.
PARQ will be prominently located at the north corner of Speer Boulevard and Bannock Street. In the Golden Triangle submarket, the property is conveniently situated in between the Denver CBD and Cherry Creek submarkets, along the Cherry Creek hike and bike path.
“PARQ will be one of the highest quality multifamily developments in Denver,” said Tim Monroe, New York Life Real Estate Investors senior director of loan originations in the Dallas Regional Office and the Denver area. “We are pleased to add such an excellent property to our commercial real estate debt portfolio.”
“This financing highlights our ability to work with high quality, institutional developers to source debt investments that offer attractive risk adjusted returns in this market environment,” said John Lippmann, New York Life Real Estate Investors senior director who manages the national bridge loan and construction finance program.
Andy Scott of Holiday Fenoglio Fowler, L.P.’s Dallas office 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 $47 billion in assets under management as of September 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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