New York Life Real Estate Investors originates $21 million mortgage loan secured by a ground lease improved with Millennium Apartments Fort Myers, Florida.
New York, March 11, 2020—New York Life Real Estate Investors announced today the financing of a ground lease improved with Millennium Apartments, a 298-unit apartment complex located in Fort Myers, Florida, made to affiliates of BH Properties of Los Angeles, California, which acquired the leased fee position in 2019 for an undisclosed price.
“We are pleased to provide this capital to facilitate BH Properties’ earlier acquisition of the property and to satisfy their long-term borrowing objectives,” said Senior Director Robert Boyd in New York Life Estate Investors’ Southeast Regional Office. “This financing will help them fund future acquisitions, while simultaneously meeting our desire to place long term debt against secure cash flowing assets.”
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 and commercial mortgage backed securities. With over $58.3 billion in assets under management as of December 30, 2019.* New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $58.3B is gross and includes AUA ($1.4B) as of 12/31/19. Net AUM for Real Estate Investors is $56.5B as of 12/31/19.
About BH Properties, LLC
BH Properties, privately held and founded nearly 30 years ago, is regarded as a vertically integrated real estate investment company capable of acquiring and managing a geographically and product diverse portfolio of assets quickly and efficiently through its offices in Los Angeles, Phoenix and Dallas. The company continues to focus on value-add transactions, distressed debt, and ground leases. Its relationships within the real estate and finance community, lack of third-party investors, speed and flexible closing structures to accommodate seller needs is a hallmark of the organization. Today, the company owns and operates approximately 10M square feet across 18 states.
New York Life Insurance Company