New York Life Real Estate Investors originates $132.9 million mortgage loan secured by The Quad Santa Clara, California.

New York, April 15, 2020—New York Life Real Estate Investors announced today the financing of The Quad, a 410,106-square-foot, office campus located in Santa Clara, California. The property consists of seven two-story buildings that were recently renovated. Recent upgrades include an expansive outdoor courtyard, coffee shop, bocce ball, food truck courts and fitness center. The property is well-located just three blocks from Levi’s Stadium and adjacent to the VTA Light Rail station, with easy access to both Interstate 101 and Route CA 237. The Quad benefits from a solid line-up of tenants, including Silicon Valley Bank, whose corporate headquarters currently occupies over 50% of the campus, as well as GoDaddy, Perspecta, and Knowles Corp.

“We are pleased to originate this loan for TMG Partners, a top-tier, mixed-use property developer. With its strong set of amenities within a low-rise campus setting and with floor plates that can accommodate numerous different size requirements, the property is well-positioned to attract a broad range of tenants,” said James Nearon, Director of New York Life Real Estate Investors’ Structured Lending Group. “This financing demonstrates our ability to provide a stable source of financing for value-add projects,” added John Lippmann, Head of Structuring at New York Life Real Estate Investors.

“TMG is pleased to commence our relationship with New York Life Real Estate Investors on The Quad. We believe this asset is positioned for success due to the extensive existing amenity package at the property and the improvements under development in the surrounding location,” said Ben Kochalski, Partner with TMG Partners. “The TMG Partners strategy is to continue to improve the property to both retain and add to the tenant mix.”

Eastdil Secured arranged the financing on behalf of TMG.

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.

Media Contact:
Allison Scott
New York Life Insurance Company
212-576-4517
Allison_Scott@nylim.com