New York Life Real Estate Investors originates $70 million mortgage loan secured by Morrocroft Centre Charlotte, North Carolina.
New York, March 25, 2020—New York Life Real Estate Investors announced today the financing of Morrocroft Centre, a 290,602 square foot Class A office park located in the prestigious SouthPark submarket of Charlotte, North Carolina. The loan will have a 10-year term with a fixed interest rate.
“It is a great pleasure to provide financing to Preferred Office Properties for the acquisition of Morrocroft Centre,” said Senior Director Randy Hall in New York Life Estate Investors’ Southeast Regional Office. “We continue to be bullish on Charlotte with almost $900 million of debt and equity invested in the city, and we expect the Preferred Office team to be very successful as they implement their business plan.”
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