Dealmaker: New York Life Real Estate Investors Originates $484M

New York Life Real Estate Investors, New York, originated $484.2 million to finance a large industrial portfolio and an Atlanta office property. 

The firm provided a $450 million mortgage loan on a 47-property industrial portfolio. The seven-year fixed-rate loan was sponsored by alternative asset manager The Blackstone Group Inc., New York.

Collectively, the portfolio includes 68 buildings totaling 5.4 million square feet located throughout the United States.

“The portfolio offers significant scale with buildings that are considered infill and highly functional,” said Steve Kirk, Senior Director of NYLREI’s Western Regional Office. “There is a high level of geographic diversity with locations spread over nine major-market metros.”

Kirk said the subject properties have historically performed well with high average occupancy levels and a diverse tenant pool.

In Atlanta’s Midtown neighborhood, NYLREI financed Ten Peachtree Place, a 259,000-square-foot Class A office tower with a $34.2 million nine-year fixed-rate loan. NYLREI Senior Director Robert Boyd said Ten Peachtree Place’s location adjacent to public transit in a highly walkable urban core made it attractive collateral.

Commercial Property Executive reported Prudential Real Estate Investors acquired the 20-story office tower on behalf of a German institutional advisor.