New York Life Real Estate Investors Originated $205,000,000 Mortgage Loan Secured By 757 Third Avenue, New York, New York
NEW YORK, April 23, 2015 – New York Life Real Estate Investors announced today the financing of 757 Third Avenue, a 503,000 square foot, Class A office tower in Midtown Manhattan, owned by Multi-Employer Property Trust ("MEPT"), as advised by Bentall Kennedy (U.S.) Limited Partnership. The $205 million loan has a term of 15 years.
"757 Third Avenue is a premier, well leased office building located in one of the strongest office markets in the nation," said Eric Becher, Senior Director of New York Life Real Estate Investors' New York Regional Office. "This financing represents an excellent addition to our commercial mortgage portfolio. We are very pleased to expand our relationship with MEPT and Bentall Kennedy in financing their acquisition of this quality asset."
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 $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 3/26/15.
***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.
New York Life Insurance Company