New York Life Real Estate Investors Originated $30,000,000 Mortgage Loan Secured by Martin Blu in Eden Prarie, Minnesota
NEW YORK, April 14, 2016—New York Life Real Estate Investors announced today the financing of Martin Blu, a 191 unit, Class A+ residential property located in Eden Prairie, Minnesota, a suburb of Minneapolis. The $30,000,000 loan has a term of 15 years with two years of interest only payments.
“We are excited to finance this recently constructed luxury multi-family property in a market that has excellent multi-family fundamentals. Eden Prairie is comprised of a mixture of residential neighborhoods and businesses along with recreational amenities including 170 miles of multi-use trails, 2,250 acres of parks and 1,300 acres of open space,” explained John Howard, senior director of New York Life Real Estate Investors’ Chicago Regional Office.
Howard continued, “Additionally, we are pleased to work with Bader Development and Steven-Scott Management as the developer and management teams, respectively, and Grandbridge Real Estate Capital as the mortgage broker. ”
Ben Fazendin of Grandbridge acted as the mortgage broker 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 $45.6 billion in assets under management as of December 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 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, 6/15/15. For methodology, see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/11/15.
***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.
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