New York Life Real Estate Investors originates $62 million mortgage loan secured by The Daley Apartments Rockville, Maryland.
New York, January 30, 2020—New York Life Real Estate Investors announced today the financing of The Daley Apartments, a 333-unit apartment complex located in Rockville, Maryland. The property is located adjacent to the Shady Grove metro station, with the Red Line connecting Washington D.C., Bethesda and Rockville. The fixed-rate loan has a seven-year term.
“We are pleased to finance this asset and further expand our long-standing relationship with Black Creek Diversified Property Fund,” said David Li, Senior Director in New York Life Estate Investors’ Northeast Regional Office.
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 $55.7 billion in assets under management as of September 30, 2019*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $55.7B is gross and includes AUA ($1.4B) as of 9/30/19. Net AUM for Real Estate Investors is $54.3B as of 9/30/19.
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, 6/1/19. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 9/12/19: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+)
About Black Creek Diversified Property Fund Inc.
Black Creek Diversified Property Fund (DFP) is a public reporting, monthly NAV vehicle based in Denver, CO that invests in a diversified portfolio of commercial real estate assets. DPF owned 47 properties totaling approximately 7.7 million square feet in 18 geographic markets as of June 30, 2019.
New York Life Insurance Company