New York Life Real Estate Investors originates three mortgage loans totaling $722.27 million secured by National Industrial Portfolios.
New York, November 23, 2020—New York Life Real Estate Investors announced today the financing of three floating rate loans secured by industrial portfolios located throughout the United States. An institutional investor, through multiple funds, is the sponsor of the loans.
The $352 million loan is secured by 22 existing buildings and will provide construction financing for 2 additional buildings on land sites adjacent to existing buildings. The buildings securing the loan are located across 6 states in the Midwest, Southwest, and Southeast. Upon completion of the two additional buildings, the portfolio will contain 9.2 million square feet.
The $251.9 million loan will be used to finance the recapitalization and stabilization of an 11 building industrial portfolio, together with the construction and stabilization of an additional industrial building. The assets securing the loan are located in 7 major industrial markets in the Midwest and Southeast and will contain a total of 4.9 million square feet.
The $118.37 million loan is secured by 7 properties in 6 markets in the Midwest, Southwest, Southeast, and Western United States. The portfolio contains approximately 2.2 million square feet. The financing is structured to provide for an initial funding with a future funding component as the buildings lease up.
“We are pleased to provide financing on these geographically diverse, Class A industrial portfolios located across industrial markets with strong fundamentals,” said Robert Boyd, Co-Head of Mortgage Loan Originations for New York Life Real Estate Investors. “The portfolios consist of highly functional industrial buildings in markets where the sponsor has a proven track record of success.”
“This is a great opportunity for us to partner with a best-in-class institutional industrial investor and to provide customized financing solutions for well-located industrial portfolios in lease-up,” said Daniel Hayes, director in New York Life Real Estate Investors’ Structured Lending team located in Chicago, IL.
“These transactions exemplify NYLREI’s ability to combine resources from our national core and structured debt platforms to provide sizable financing packages to institutional sponsors,” said John Lippman, Head of Structured Debt for New York Life Real Estate Investors.
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 $60 billion in assets under management as of September 30, 2020, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.1
1Real Estate Investors AUM of $60.0B is gross and includes AUA ($1.4B) as of 9/30/2020. Net AUM for Real Estate Investors is $59.4B as of 9/30/2020.
New York Life Insurance Company