Dealmaker: NYL Real Estate Investors Originates $151M

New York Life Real Estate Investors originated $34.3 million on behalf of New York Life Insurance Co. for Trade Centre South, a 216,000-square-foot office property in Fort Lauderdale, Fla.

Cardinal Point Management, Tampa, Fla., and Halstatt Real Estate Partners, Naples, Fla., purchased the property.

HFF, Houston, arranged the four-year floating-rate bridge loan, which included an extension option with interest-only payments. Loan proceeds will support the sponsor’s repositioning strategy, including substantial amenity, lobby and corridor and building system/mechanical improvements.

New York Life Real Estate Investors Director Ryan Doyle said Trade Centre South represented an attractive repositioning opportunity in one of Fort Lauderdale’s strongest office submarkets.

The property at 100 Cyprus Creek Road along Interstate 95 is attached to a Tri-Rail commuter train station.

New York Life Real Estate Investors also originated a $117 million first mortgage for Mack-Cali Realty Corp. subsidiary Roseland Residential Trust, Parsippany, N.J. Class A multifamily property M2 at Marbella in Jersey City, N.J., secures the financing. The 39-story apartment tower dates to 2016 and contains 311 rental units.

“The funding of this loan will allow Roseland to work with the same lender and align the maturity date for M2 and its interconnected sister building, the Marbella Apartments,” said Keith Duane, Director of the company’s Northeast Regional Office.