Dealmaker: New York Life Real Estate Investors Originates $266M for Offices

New York Life Real Estate Investors originated $266.4 million for office assets in Washington, D.C. and Miami.

Sentinel Square III

The firm lent $188.4 million on Sentinel Square III, a recently constructed 545,000-square-foot Class A building at 90 K Street NE in Washington that serves as the Federal Communications Commission’s new headquarters.

Scott Ingham, Senior Director in NYLREI’s Northeast Regional Office, noted the asset is in the growing NoMa neighborhood.

Cushman & Wakefield’s D.C. Capital Markets team arranged the sale and the nine-year fixed-rate mortgage for the buyer, a USAA Real Estate affiliate.

NYLREI also originated $78 million to finance Brickell City Centre 2 and 3, two 12-story Class A office buildings in Miami.

Part of a $1 billion mixed-use development at 98 SE 7th Street that includes 500,000 square feet of Class A retail, 780 residential units and the five-star EAST hotel, Brickell City Centre 2 and 3 received 12-year fixed-rate loans.

“These are two high-quality assets with long-term leases which offers stable future cash flows,” said Randall Hall, Senior Director in New York Life Estate Investors’ Southeast Regional Office.