New York Life Real Estate Investors Originates Construction-to-Permanent Loan Financing for Ascent Victory Park, Dallas, Texas
New York, November 10, 2015—New York Life Real Estate Investors, on behalf of institutional investors, announced today the construction-to-permanent loan financing of Ascent Victory Park, a to-be-built 302 unit high rise Class A+ apartment complex located in Dallas, Texas. The fixed rate loan has a term of 10 years and will be used to finance the construction and leasing of the property.
Ascent Victory Park will be prominently located adjacent to the American Airlines Center in the master-planned, mixed use Victory Park development in Uptown Dallas. Located less than one mile north of the Dallas central business district, the property will offer access to all of the Victory Park and Uptown retail, dining and entertainment amenities, as well as the popular Katy Trail bike path.
“Ascent Victory Park will be one of the highest quality multifamily developments in Dallas,” said Leslie Cassingham, New York Life Real Estate Investors senior director who oversees loan originations in the Dallas Regional Office. “We are pleased to add such an excellent property to our commercial real estate debt portfolio.”
“This financing highlights our ability to structure and fund large construction loans that offer attractive risk adjusted returns to the capital that we represent,” said John Lippmann, New York Life Real Estate Investors senior director who manages the national bridge loan and construction finance program.
Andy Scott of Holiday Fenoglio Fowler, L.P.’s Dallas office acted as mortgage banker 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 $45 billion in assets under management as of September 30, 2015, 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, 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. 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: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** 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 Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/15/15. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/11/15.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
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