New York Life Real Estate Investors originates $41 million mortgage loan secured by Coastal Tower, Fort Lauderdale, Florida.
New York, August 15, 2018—New York Life Real Estate Investors (“NYLREI”) announced today the acquisition financing, on behalf of New York Life Insurance Company, of Coastal Tower, a 12 story, LEED Silver office property consisting of 261,676 square feet. The building is located at a highly accessible location at the intersection of two primary commercial corridors (Federal Highway/US 1 and E Commercial Blvd). The floating rate bridge loan has a term of 4 years plus an extension option with interest only payments. Loan proceeds will be used to support the sponsor’s repositioning strategy which includes substantial amenity, lobby/common corridor, and building system/mechanical improvements.
“We are pleased to provide bridge financing on this property, an attractive repositioning and lease-up opportunity within one of Fort Lauderdale’s most dynamic office submarkets. This transaction is an example of our ability to provide value-add financing with specific loan terms tailored to meet the sponsor’s renovation and lease-up objectives.” said Ryan Doyle, New York Life Real Estate Investors director.
HFF acted as the mortgage broker 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 $49.9 billion in assets under management as of March 31, 2018, 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+)
New York Life Insurance Company