New York Life Real Estate Investors Originated $260,000,000 Mortgage Loan Secured by the Water Garden Office Park Phase I, Santa Monica, California
NEW YORK, March 17, 2015 – New York Life Real Estate Investors announced today the financing of the Water Garden Office Park, Phase I, a 674,000 square foot, Class A office property in Santa Monica, California, owned by institutional investors advised by J.P. Morgan Asset Management. The $260 million loan has a term of 12 years.
“Water Garden is a top tier office park with excellent tenancy and is located in one of the strongest office markets in Southern California,” said Steve Kirk, Senior Director of Loan Originations in New York Life Real Estate Investors’ San Francisco Regional Office, who originated the loan. “We are pleased to add such an excellent quality property to our commercial mortgage portfolio.”
HFF LP’s New York City and Los Angeles offices acted as mortgage broker for the 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/realestateinvestorsfor 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 $41 billion in assets under management as of December 31, 2014, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, 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. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** 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 Investments*** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/16/14. For methodology, please see http://fortune.com/fortune500/. **Individual independent rating agency commentary as of 8/13/14. ***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
About HFF LP
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
New York Life Insurance Company