New York Life Real Estate Investors originates $117 million mortgage loan secured by M2 at Marbella Jersey City, New Jersey.
New York, February 7, 2019—New York Life Real Estate Investors, on behalf of New York Life Insurance Company, announced today the financing of M2 at Marbella, a Class A multifamily property located in Jersey City, New Jersey. The 39-story Leed Certified apartment tower was developed in 2016 and contains 311 rental units and features best in class amenities. The property is connected to the Marbella Apartments by the shared parking podium and amenity deck.
“New York Life is pleased to originate another loan with Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation, which is one of the premier owners and developers of office and multifamily properties in the Northeast. The funding of this loan will allow Roseland to work with the same lender and align the maturity date for M2 and its interconnected sister building, the Marbella Apartments,” said Keith Duane, Director of New York Life Real Estate Investors’ Northeast Regional Office.
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 $51.9 billion in assets under management as of June 30, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $51.9B is gross and includes AUA ($1.6B), and debt ($0.3B) as of 6/30/18. Net AUM for Real Estate Investors is $50.0B as of 6/30/18.
About New York Life
New York Life Insurance Company (www.newyorklife.com), 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. 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 has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies**.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/18. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 7/30/18: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+)
New York Life Insurance Company