New York Life Real Estate Investors originates $69.6 million mortgage loan secured by 2160 Grand El Segundo, California.
New York, April 16, 2020—New York Life Real Estate Investors announced today the financing for the acquisition and repositioning of 2160 Grand, a 164,000 square foot (post-renovation), three-story office building located in El Segundo, California. Originally developed as a build-to-suit in 1999, the building’s T-shape layout allows floorplates to be demised for multiple tenants, along with the capability to serve larger space users. The borrower’s repositioning plan, once completed, will create a best in class amenitized office building set in a campus like atmosphere. Amenities will include private roof decks on the upper floors, a fitness center, a tenant lounge and an outdoor courtyard area.
“We are pleased to originate this bridge loan for the repositioning and renovation of 2160 Grand and further our existing lending relationship with Barings and SteelWave. Post-renovation, the building will be well positioned to offer tenants state of the art Class A creative finishes and amenities with large floorplates and high ceilings,” said James Nearon, Director of New York Life Real Estate Investors’ Structured Lending Group.
“This financing demonstrates our ability to source well-structured bridge loans with repeat institutional borrowers, providing them with a stable source of financing while also providing attractive risk-adjusted returns for the capital we represent,” added John Lippmann, Head of Structuring at New York Life Real Estate Investors.
David Milestone of NKF Capital Markets placed the debt on this 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 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.
New York Life Insurance Company