2018 Transaction Volume Approached Record
New York Life Real Estate Investors, New York, originated $1.08 billion for industrial and apartment properties in several states.
The firm funded two loans, each secured by a portfolio of industrial properties, that totaled $915.2 million. Collectively, the portfolios total 17.2 million square feet of rentable space.
The fixed-rate loans were sponsored by Mapletree Investments Pte Ltd., Singapore, and have staggered five- and eight-year maturities.
“The portfolios offer scale with 100 buildings that are functional and well maintained,” said John Howard, Senior Director in New York Life Real Estate Investors’ Midwest Regional Office. “There is a high level of geographic diversity, with locations spread over 19 metros. And the properties have performed well with high average occupancy levels and a diverse number of tenants.”
New York Life Real Estate Investors also lent $115 million secured by The Harper at Harmon Meadow, a 469-unit Class A apartment community in Secaucus, N.J. The newly constructed property in the master-planned Harmon Meadow mixed-use development is owned by a Hartz Mountain Industries affiliate.
On Manhattan’s Upper West Side, New York Life Real Estate Investors originated a $55 million second mortgage secured by West End Towers, a 1,000-unit Class A apartment community owned by a Brodsky Organization affiliate.
