New York Life Real Estate Investors originates $50 million mortgage loan secured by 335 Bala Cynwyd, Pennsylvania.
New York, March 10, 2020—New York Life Real Estate Investors announced today the financing of 335 Bala, a 210-unit luxury apartment community located in Bala Cynwyd, Pennsylvania. This 20-year fixed-rate loan is secured by a newly-constructed, best-in-class multifamily project that recently commenced leasing.
“We are pleased to provide long-term financing to Nolen Properties with creative structure during the lease-up period,” said Scott Ingham, Senior Director at New York Life Estate Investors and Head of the Northeast Regional Office. “335 Bala is an exceptional apartment project located in Lower Merion’s highly-ranked school district and less than 10 miles from Center City, Philadelphia.”
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 $58.3 billion in assets under management as of December 30, 2019.* New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $58.3B is gross and includes AUA ($1.4B) as of 12/31/19. Net AUM for Real Estate Investors is $56.5B as of 12/31/19.
New York Life Insurance Company