New York Life Real Estate Investors originates $115 million mortgage loan secured by an office building, Washington, D.C.
NEW YORK, October 10, 2017—New York Life Real Estate Investors announced today the acquisition financing of an office building located in downtown Washington, D.C. The building, known as 1111 19th Street NW, totals 270,000 square feet. The loan has a seven-year term.
“This transaction represents the second financing that New York Life Insurance Company has provided UNIZO Holdings U.S. LLC, which is one of the most prolific buyers of core urban office assets in the northeast,” said Eric Becher, senior director at New York Life Real Estate Investors and head of the Northeast Regional Office. “We are truly pleased to facilitate UNIZO’s acquisition of this fine asset, while simultaneously expanding our existing relationship.” “1111 19th Street represents a well-located, good quality, office building in downtown Washington, D.C.,” added David Li, also a senior director at New York Life Real Estate Investors and loan origination officer for the transaction. “The property boasts a diversified rent roll and generates stable cash flow.”
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 $51.3 billion**** in assets under management as of June 30, 2017, 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, 6/12/17. For methodology, please see http://fortune.com/fortune500/
**Individual independent rating agency commentary as of 8/1/17.
***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.
**** AUM includes assets under administration.
New York Life Insurance Company