New York Life Real Estate Investors originates $138 million construction loan for the development of Phase II of the Vantage Apartments Jersey City, NJ.
New York, February 25, 2020—New York Life Real Estate Investors (NYLREI) announced today the construction financing for the development of Phase II of the Vantage apartments, located on the waterfront in Jersey City, New Jersey. This phase contains 452 luxury apartment units in a 45-story tower with panoramic views of the Manhattan skyline, the Statue of Liberty and New York Harbor, as well as resort style amenities. Phase II will be connected to and share amenities and parking with the successfully developed and leased 448-unit Phase I of the apartments, which New York Life Insurance Company financed in March 2015. The properties are well located in Jersey City with easy access to the PATH system, the HBLR light rail system and the NY Waterway Ferry.
“We are pleased to originate this loan for the second phase of the Vantage Apartments and to work with the development team of Fisher Development and institutional investors advised by J.P. Morgan Asset Management. The funding of this loan allows the borrower’s joint venture partners to work with a single lender and align the loan maturities for both phases of the project,” said Keith Duane, Director of New York Life Real Estate Investors’ Northeast Regional Office.
“This financing demonstrates our ability to not only combine our fixed-rate construction-to-permanent loan product with our traditional floating-rate loan product for phased projects, but also to capitalize on our market presence to source attractive, risk-adjusted debt investments for clients with a variety of required return profiles,” added John Lippmann, New York Life Real Estate Investors Senior Director and Head of Structuring for the Structured Lending Platform.
Jon Estreich of Estreich & Company acted as mortgage banker 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 $55.7 billion in assets under management as of September 30, 2019*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $55.7B is gross and includes AUA ($1.4B) as of 9/30/19. Net AUM for Real Estate Investors is $54.3B as of 9/30/19.
About New York LifeNew 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, 6/1/19. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 9/12/19: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
About Fisher Development
Fisher Development Associates, LLC (www.fisherdev.com), is a diversified real estate development and management concern that today possesses the same values and commitment to excellence and customer satisfaction as it did when it began in real estate development 60 years ago. With a building philosophy rooted in the integration of the finest materials, world-class design, quality construction and a meticulous attention to detail, its numerous successful residential, commercial and hotel developments dot the landscape in New York, New Jersey and Connecticut.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With 50 years as an alternatives investment manager, more than $146 billion in assets under management and over 700 professionals (as of September 30, 2019), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 17 offices throughout the Americas, Europe and Asia Pacific, our 15 independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information: www.jpmorganassetmanagement.com.
New York Life Insurance Company