New York Life Real Estate Investors originates $42 million mortgage loan secured by Bexley Round Rock in Round Rock, Texas.
New York, May 9, 2019—New York Life Real Estate Investors announced today the financing of Bexley Round Rock, a 330 unit multifamily complex located in Round Rock, Texas. This 20-year term, fixed-rate loan includes a top 20% guaranty from the principals of Weinstein Properties, a repeat sponsor.
“We are pleased to provide our fourth acquisition financing to Weinstein Properties on a brand new, amenity rich, multifamily complex which experienced a robust lease up of approximately 30 plus units per month. This property sits in a solid suburban submarket, a short distance north of the Domain, Austin’s “second downtown.” With its strategic location and proximate to some of Austin’s largest employers, Bexley Round Rock will maintain a strong competitive position in the market,” said Leslie Cassingham, Senior Director of New York Life Real Estate Investors’ Southwest Regional Office.
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 $54.5 billion in assets under management as of December 31, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $54.5B is gross and includes AUA ($1.6B), and debt ($0.6B) as of 12/31/18. Net AUM for Real Estate Investors is $53.9B as of 12/31/18.
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+)
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