New York Life Real Estate Investors originates $55 million second mortgage loan secured by West End Towers New York, New York.
New York, March 20, 2019—New York Life Real Estate Investors, on behalf of New York Life Insurance Company, announced today the financing of a $55 million second mortgage loan secured by West End Towers, a 1,000 unit Class A apartment community in the Upper Westside of Manhattan. The apartment project is owned by an affiliate of The Brodsky Organization.
West End Towers offers a wide array of outstanding amenities, including panoramic river and city views. The property’s location is within a short walk of Lincoln Square making it one of the most desirable neighborhoods in which to live and work.
“West End Towers is an outstanding multifamily project, located in one of New York City’s most sought after residential markets,” said Mark Young, Senior Director in New York Life Real Estate Investors’New York Regional Office. “We are very pleased to continue our long term relationship with The Brodsky Organization, a premier real estate developer and operator.”
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 $53.1 billion in assets under management as of September 30, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $53.1B is gross and includes AUA ($1.6B), and debt ($0.5B) as of 9/30/18. Net AUM for Real Estate Investors is $51.0B as of 9/30/18.
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 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, 6/1/18. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 7/30/18: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+)
New York Life Insurance Company