New York Life Real Estate Investors Originates $140,000,000 Mortgage Loan Secured by the Apartments at CityCenterDC in Washington, D.C.
New York, July 25, 2016—New York Life Real Estate Investors announced today the financing, on behalf of institutional investors, of the leasehold interest in The Apartments at CityCenterDC, a 458-unit, Class A apartment complex located in Washington, D.C. The property is part of a mixed use development by Hines and Qatari Diar on the site of the former Washington Convention Center. The $140,000,000 fixed rate loan has a term of 10 years.
“CityCenterDC creates a unique, pedestrian-friendly mixed-used urban neighborhood located in the heart of downtown Washington, D.C.,” said David Li, senior director at New York Life Real Estate Investors. “We are pleased to add such an excellent quality property to our commercial mortgage portfolio.”
“This loan represents the type of collateral we seek to have within our commercial loan portfolio,” added Eric Becher, senior director and head of New York Life Real Estate Investors’ Northeast Regional Office. “In addition, this transaction further expands our long standing relationship with Hines, the project’s master developer.”
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 $45.8 billion in assets under management as of March 31, 2016, 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, 6/17/16. For methodology, please 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.
New York Life Insurance Company