New York Life Real Estate Investors originates $36.5 million mortgage loan secured by The Metropolitan at 40 Park Morristown.
New York, October 6, 2020—New York Life Real Estate Investors announced today the financing of The Metropolitan at 40 Park, a 130 unit apartment building located in Morristown, NJ. The 7-story Class A property was developed in 2010 by Woodmont Properties and Roseland Residential Trust. The property’s location near The Morristown Green provides residents with immediate access to numerous retail, dining and entertainment amenities as well as a short walk to the Morristown Train Station.
“We are pleased to be financing The Metropolitan at 40 Park, an exceptional Class A property in the walkable retail and entertainment district of Morristown, N.J. In today’s challenging economic climate, we continue to focus on opportunities to work with strong, experienced sponsorship teams,” said Keith Duane, Director in 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 and commercial mortgage backed securities. With over $59.7 billion in assets under management as of June 30, 2020, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.1
1Real Estate Investors AUM of $59.7B is gross and includes AUA ($1.4B) as of 6/30/2020. Net AUM for Real Estate Investors is $58.3B as of 6/30/2020.
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