New York Life Real Estate Investors originates five mortgage loans totaling $226.8 million secured by five retail centers.
NEW YORK, November 21, 2017—New York Life Real Estate Investors (NYLREI) announced today the financing of five retail centers located in New Jersey and New York.
The financing was made to Urban Edge Properties and is comprised of five separate fixed rate mortgage loans totaling $226.8 million with terms ranging from seven to 12 years. The stabilized centers, which total approximately 1.3 million square feet, are anchored by investment grade retailers and have granular tenancy.
“We are pleased to have the opportunity to finance these high quality assets, all of which are located along major retail corridors in densely populated, infill markets.” said Eric Becher, senior director who oversees commercial mortgage loan production for NYLREI’s Northeast Regional Office. “We also look forward to establishing a long-term relationship with Urban Edge Properties, one of the nation’s premier retail investors and operators.”
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 $52.1 billion in assets under management as of September 30, 2017, 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, 6/12/17. For methodology, please see http://fortune.com/fortune500/
**Individual independent rating agency commentary as of 8/1/17.
***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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