New York Life Real Estate Investors Originates $37,050,000 Mortgage Loan Secured by an Industrial Portfolio in the Greater Boston Area
New York, October 18, 2016—New York Life Real Estate Investors announced today the acquisition financing, on behalf of institutional investors, of a four-building industrial portfolio located in the Greater Boston area. The portfolio, which is 95 percent leased to a diversified tenant base, contains assets in Franklin, Peabody, Wilmington and Avon. The $37,050,000 floating rate loan has a term of five years.
“This portfolio contains assets located in four distinct and well-established submarkets with high barriers to entry,” said David Li, senior director at New York Life Real Estate Investors. “We are pleased to add these highly functional warehouse and distribution facilities to our commercial mortgage portfolio.”
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 $46.3 billion in assets under management as of June 30, 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 6/9/16.
***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.
New York Life Insurance Company