Dealmaker: New York Life Real Estate Investors Originates $217M

New York Life Real Estate Investors, New York, originated $217 million for office properties in California and Texas.

In California, New York Life Real Estate Investors lent $94.1 million secured by 520 South El Camino Real, a 151,000-square-foot office building in downtown San Mateo.

The 20-year bridge-to-permanent mortgage loan will finance a complete renovation of the office tower and provide two separate earnout options for Westlake Realty Group, San Mateo. The first earnout can be earned by achieving certain leasing hurdles during stabilization; the second can finance the future renovation of the property’s annex building, again earned by hitting preset leasing hurdles.

Adam Baird, Director in New York Life Real Estate Investors’ Western regional office, originated the loan.

New York Life Real Estate Investors also originated a $122.9 million construction loan for RiverSouth, a 350,000-square-foot office building under construction in Austin, Texas. Stream Realty Partners, Dallas, and QuadReal Property Group, Vancouver, B.C., are building the 15-story speculative office tower south of Lady Bird Lake.

The five-year floating-rate loan included one 12-month extension option.

Leslie Cassingham, Senior Director in New York Life Real Estate Investors’ Southeast regional office, made the arrangements. She noted the property’s infill location, large floorplates and high ceiling heights will make it appealing to office occupiers upon delivery.

France Media reported an early 2021 expected delivery date for RiverSouth.