New York Life Real Estate Investors Originates $146.6M
Mortgage Loan Secured by Mill Pond Apartments
Franklin Lakes, New Jersey

NEW YORK, August 11, 2017 – New York Life Real Estate Investors announced today the refinancing of Mill Pond Apartments, a 100 unit Class A garden style apartment complex located in Franklin Lakes, New Jersey. The fixed rate loan has a 10-year term.

“Mill Pond Apartments is one of the best rental products in Franklin Lakes, a Township with high barriers to entry for multifamily development. The property has performed very well since the loan was originated and funded in 2007,” said David Li, senior director at New York Life Real Estate Investors’ Northeast Regional Office. “We are pleased to have the opportunity to refinance this asset and further expand our long standing relationship with Sterling Properties.”

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 $51.3 billion in assets under management as of June 30, 2017, 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. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information

*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/12/17. For methodology, please see http://fortune.com fortune500/
**Individual independent rating agency commentary as of 7/27/17.
***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.

Media Contact 

Jacqueline Meere
New York Life Insurance Company
212-576-5301
jacqueline_meere@newyorklife.com