New York Life Real Estate Investors Originated $137.5 Million Mortgage Loan Secured by 100 Wall Street in Heart of New York’s Financial District
New York, July 20, 2015—New York Life Real Estate Investors announced today the financing of 100 Wall Street, a 517,000 square foot, Class A office building located in the heart of New York’s Financial District. The $137.5 million mortgage loan has a term of seven years.“We are very pleased to provide acquisition financing to Cornerstone Real Estate Advisers, acting on behalf of a Cornerstone-managed fund, for this outstanding asset located in the Financial District. The newly renovated office tower is well leased to a diverse cross section of the Financial District’s financial, legal and technology, advertising, media and information (TAMI) industries,« said Eric Becher, Senior Director at New York Life Real Estate Investors. “The loan represents a continuation of our long term relationship with a premier institutional real estate investment adviser.”
Eastdil Secured arranged the financing on behalf of Cornerstone.
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 $41 billion in assets under management as of March 31, 2015, 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, 6/15/15. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 7/1/15.
***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.
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group.1 For more information, visit www.cornerstoneadvisers.com.
1MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company and its affiliated companies and sales representatives.
New York Life Insurance Company