New York Life Real Estate Investors originates $131 million mortgage loan secured by Marbella Apartments Jersey City, New Jersey.
New York, August 6, 2018—New York Life Real Estate Investors (“NYLREI”) announced today the financing, on behalf of institutional investors, of the Marbella Apartments, a 40 story, Class A multifamily property located in Jersey City, New Jersey. The 8 year fixed rate loan is secured by the 412 unit luxury rental tower, which was originally developed in 2004.
“We are pleased to originate this loan with Roseland Residential Trust, a wholly owned subsidiary of Mack-Cali Realty Corp, which is one of the premiere owners and developers of office and multifamily properties in the Northeast” said Eric Becher, senior director at NYLREI and head of the Northeast Regional Office. “Marbella represents a very well located, high quality multifamily property on Jersey City’s waterfront with exceptional transportation linkages” said Keith Duane, director in NYLREI’s Northeast Regional Office, the loan officer for the transaction. “The property’s presence and amenity base exemplify Roseland and Mack-Cali’s waterfront and transit oriented focus, while fitting in with New York Life Insurance Company’s core mortgage loan portfolio.“
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 $52.3 billion in assets under management as of November 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 (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 possible financial strength ratings currently awarded to any 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 8/1/17: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+)
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