New York Life Real Estate Investors Originates $172M
Michael Tucker firstname.lastname@example.org
New York Life Real Estate Investors originated $172 million for office and multifamily properties in Florida and New Jersey.
In Ft. Lauderdale, Fla., NYLREI originated a $41 million bridge loan secured by 12-story office property Coastal Tower. The 261,676-square-foot tower was renovated in 2008 and includes tenants USI Insurance, Morgan Stanley and MassMutual.
The four-year floating-rate bridge loan included an extension option with interest-only payments. Loan proceeds will support sponsor Cardinal Point Management's repositioning strategy, which includes substantial amenity, lobby and building system/mechanical improvements.
NYLREI Director Ryan Doyle called the property an attractive repositioning and lease-up opportunity in one of Fort Lauderdale's most dynamic office submarkets.
Holliday Fenoglio Fowler arranged the financing.
Cardinal Point Management owns more than 1.2 million square feet of Florida commercial real estate, but this acquisition represents the firm's first south Florida acquisition. "The high barriers to entry coupled with strong market fundamentals and growth in greater Fort Lauderdale attracted us to the property," Cardinal Point Principal Gregory Williams said.
NYLREI also originated a $131 million first mortgage for Marbella Apartments in Jersey City, N.J. The eight-year fixed-rate loan is secured by the 40-story rental tower that delivered in 2004. Mack-Cali Realty Corp. subsidiary Roseland Residential Trust owns the 412-unit Class A tower.
Keith Duane, Director in NYLREI's Northeast Regional Office, was the loan officer for the transaction. He called Marbella a well-located property on Jersey City's waterfront with "exceptional" transportation linkages.
"The property's presence and amenity base exemplify Roseland and Mack-Cali's waterfront and transit-oriented focus, while fitting in with New York Life Insurance Company's core mortgage loan portfolio," Duane said.