New York Life Real Estate Investors originates two loans totaling $915.2 million secured by Industrial Portfolios various U.S. locations.
New York, April 10, 2019—New York Life Real Estate Investors, on behalf of New York Life Insurance Company, announced today the funding of two loans totaling $915.2 million, each secured by a portfolio of industrial properties. Collectively, the portfolios contain 100 industrial properties located throughout the United States with a combined total of 17.2 million square feet. The fixed-rate loans have staggered maturities of five and eight years and are sponsored by Mapletree Investments Pte Ltd., a leading real estate development, investment, capital and property management company headquartered in Singapore.
“We are pleased to provide this financing to Mapletree Investments. The portfolios offer scale with 100 buildings that are functional and well maintained. There is a high level of geographic diversity, with locations spread over 19 MSAs. The properties have performed well with high average occupancy levels and a diverse number of tenants. This combined with strong institutional sponsorship make these loans an attractive addition to our mortgage loan debt portfolio,rdquo; said John Howard, Senior Director of New York Life Real Estate Investors’ Midwest 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 30, 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+)
New York Life Insurance Company