New York Life Real Estate Investors originates $94.1 million mortgage loan commitment secured by 520 South El Camino Real San Mateo, California.
New York, March 20, 2019—New York Life Real Estate Investors, on behalf of New York Life Insurance Company, announced today the financing of 520 South El Camino Real, a 151,000 square foot, office building located in San Mateo, CA.
The 20-year bridge-to-perm mortgage loan will finance a complete renovation of the office tower and provide two separate earnout options for Westlake Realty Group. The first earnout can be earned by achieving certain leasing hurdles during stabilization, and the second can be used to finance the future renovation of the property’s annex building, again earned by hitting preset leasing hurdles.
“We are pleased to work with Westlake Realty Group to finance the renovation of this iconic asset in downtown San Mateo. This property’s prominence and excellent location will make it one of the top office properties in the area” said Adam Baird, Director in New York Life Real Estate Investors’ Western Regional Office.
Westlake Realty Group is a full-service, family-owned real estate investment and development firm with extensive experience in all asset classes of real estate in the San Francisco Bay Area and Western United States. The company’s current holdings include a diverse portfolio of office, multi-family, hotel, retail and mixed-use properties primarily located in the San Francisco Bay Area. Throughout the course of its 46-year history, Westlake has acquired, developed and operated properties in the United States, Mexico, China and Japan.
“New York Life delivered best in class deal execution” said Kristina Chang, President of Westlake Realty Group. “We are a new client and are looking forward to continuing to work with New York Life in the future.”
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 $53.1 billion in assets under management as of September 30, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $53.1B is gross and includes AUA ($1.6B), and debt ($0.5B) as of 9/30/18. Net AUM for Real Estate Investors is $51.0B as of 9/30/18.
About New York Life
New York Life Insurance Company (www.newyorklife.com), 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. 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 has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies**.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/18. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 7/30/18: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+)
New York Life Insurance Company