New York Life Real Estate Investors originates $75 million mezzanine mortgage loan secured by Park Avenue Plaza, New York, New York.
New York, September 7, 2018—New York Life Real Estate Investors, on behalf of New York Life Insurance Company, announced today the financing of a $75 million mezzanine loan secured by the owner’s equity interest in Park Avenue Plaza, a 1.15 million square foot Class A office tower in the heart of Manhattan’s Plaza District. The property is owned by a joint venture between Fisher Brothers and Sungate Park Avenue Trust. The fixed rate loan has a term of 7 years.
“Park Avenue Plaza is an outstanding, well leased asset, located in one of the most prestigious submarkets in the nation,” said Mark Young, Senior Director of New York Life Real Estate Investors’ New York Regional Office. “We are very pleased to continue our long term relationship with Fisher Brothers, a premier real estate owner 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 $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.
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***.
*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.
**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