New York Life Real Estate Investors originates $122.94 million constructed loan secured by River South Austin, Texas.
New York, March 6, 2019—New York Life Real Estate Investors, on behalf of New York Life Insurance Company, announced today the construction financing of River South, a 350,000 square foot office building located in Austin, Texas. The floating rate loan has a term of five years with one 12-month extension option.
“We are pleased to establish lending relationships with Stream Realty Partners and QuadReal Property Group through the financing of this excellent asset,” said Leslie Cassingham, Senior Director of New York Life Real Estate Investors’ Southeast Regional Office. “River South’s infill location and state of the art amenities, as well as its large floorplates, attractive ceiling heights and ample parking, will make it an irreplaceable property.”
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 $53.1 billion in assets under management as of September 30, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $53.1B is gross and includes AUA ($1.6B), and debt ($0.5B) as of 9/30/18. Net AUM for Real Estate Investors is $51.0B as of 9/30/18.
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, 6/1/18. 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