New York Life Real Estate Investors Acquired the Cumberland.
NEW YORK, July 29, 2013—New York Life Real Estate Investors announced today the acquisition, on behalf of institutional investors, of The Cumberland, a 256 unit apartment building located in the heart of downtown Nashville, Tennessee. The Cumberland, is a 24 story building with six underground parking levels, developed in 1998. In its entirety, Cumberland comprises 256 rental units, 37 condominium units, over 300 parking spaces, 3 commercial spaces, and a first floor lobby with common areas including the management and leasing office, maintenance shop, laundry facility, fitness room, theatre room, conference/social room, storage lockers and outdoor courtyard.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of New York Life Investments***, an indirect wholly-owned subsidiary of New York Life Insurance Company.
New York Life Real Estate Investors is a full service, fully integrated real estate enterprise with more than 100 professionals. The principal focus of New York Life Real Estate Investors is the 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. As of March 31, 2013, New York Life Real Estate Investors had an AUM of $34.7 billion and is actively seeking to acquire additional properties in the southeast metropolitan areas and 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 and retirement plan services. 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, May 20, 2013.
See http://money.cnn.com/magazines/fortune/fortune500/2013/faq/?iid=F500_sp_method%20 for methodology.
**Source: Individual Third Party Ratings Reports as of 6/4/13.
***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.
For New York Life