New York Life Real Estate Investors originates $72 million mortgage loan secured by Sparc Apartments Bellevue, Washington.
New York, December 10, 2018—New York Life Real Estate Investors, on behalf of New York Life Insurance Company, announced today the financing of Sparc Apartments, a 309 unit, Class A, multifamily property located in Bellevue, WA. The property is situated in the heart of Bellevue’s new Spring District, a major, master-planned, mixed-use, transit-oriented development proximate to Microsoft’s world headquarters and the new Global Innovation Exchange. The $72 million 10-year fixed-rate loan provides acquisition financing to Sparc Homes, LLC for its $150 million acquisition of the property.
“We are pleased to provide financing for the Sparc Apartments. It is a best-in-class property with top quality amenities and an excellent location in Bellevue’s exciting new Spring District. The eastside of King County is a strong multifamily housing market with great fundamentals”, said Kirk Kniss, Senior Director in New York Life Real Estate Investors’ Western Regional Office.
Wells Fargo Commercial Mortgage acted as mortgage broker for Sparc Homes, LLC 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 $51.9 billion in assets under management as of June 30, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $51.9B is gross and includes AUA ($1.6B), and debt ($0.3B) as of 6/30/18. Net AUM for Real Estate Investors is $50.0B as of 6/30/18.
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