Dealmaker: NYLREI Originates $428M for Offices

New York Life Real Estate Investors originated $428 million for the same sponsor secured by office properties in Houston and Denver.

In Houston’s downtown theater district, NYLREI originated $208 million secured by 33-story office property 717 Texas. The three-year floating-rate bridge loan included an extension option and full-term interest-only payments.

Major tenants at 717 Texas include Calpine, the largest generator of electricity from natural gas and geothermal resources in the U.S., and law firm Smyser Kaplan & Veselka, L.L.P.

Sponsor Hines, Houston, plans to reposition the 697,000-square-foot granite-clad building. Hines developed 717 Texas–the first Texas skyscraper to achieve LEED Platinum certification–in 2003. Earlier this year it received a complete ground-floor renovation including a hotel-inspired lobby with new wall and elevator finishes and lighting. The building is currently undergoing renovations on the entire 12th floor including a rooftop garden, workspace lounge and reception, tenant conference center and co-working space.

NYLREI also funded a 17-year, $220 million mortgage loan secured by 1144 15th Street, a 673,900-square-foot, 40-story office building in Denver.

HFF, a JLL company, acted as mortgage broker for the 1144 15th Street transaction.