New York Life Real Estate Investors originates $42.8 million mortgage loan secured by three NYC McGowin Park Mobile, Alabama.
NEW YORK, April, 2017—New York Life Real Estate Investors announced today the financing of McGowin Park, a 374,929 square foot, Class A retail power center located in Mobile, AL. The 7 year fixed rate loan was made to Cole Credit Property Trust IV, Inc. Holliday Fenoglio Fowler, L.P. (HFF) acted as the mortgage broker on the transaction.
“We are pleased to lend on this attractive asset with a national tenant roster and excellent location adjacent to Interstate 65,” said Rob Boyd, senior director of New York Life Real Estate Investors’ Southeast Regional Office.
“This was an important financing for us as it will increase our ability to more effectively pursue opportunistic acquisitions,” said Tye Palonen, director of finance at BH Properties. “New York Life Real Estate Investors was able to see the underlying value of the assets and still consider the value-appreciation play. It’s always a pleasure working with a lender that is able to understand our vision.”
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 $48 billion in assets under management as of December 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
About Holliday Fenoglio Fowler, L.P.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.*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 8/9/16.
***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