New York Life Real Estate Investors Originates $33,425,000 Mortgage Loan Secured by the Addison Apartments in Shakopee, Minnesota
New York, July 5, 2016—New York Life Real Estate Investors announced today the financing, on behalf of institutional investors, of The Addison Apartments, a 290 unit, Class A apartment complex located in Shakopee, Minnesota, a suburb Minneapolis. The $33,425,000 six year fixed rate loan provides acquisition financing on behalf of a venture of White Oak Partners and affiliates of The Hartford.
“We are pleased to provide this financing on a high quality apartment project with excellent sponsorship located in the Minneapolis apartment market which continues to exhibit strong fundamentals,” said John Howard, senior director of NYL Real Estate Investors’ Chicago Regional Office. “This loan represents a continuation of New York Life Real Estate Investors’ involvement with the property, the acquisition and expansion of which we financed with the previous owner.”
Newmark Grubb Knight Frank’s Washington D.C. office acted as mortgage broker on the transaction.
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 $45.8 billion in assets under management as of March 31, 2016, 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, 6/17/16. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/11/15.
***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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