NEW YORK CITY—New York Life Real Estate Investors has provided substantial financing to Cornerstone Real Estate for the purchase of a Class A office building Downtown.
The property owner has nabbed a nearly $138 million mortgage loan, which has a seven-year term, to finance 100 Wall St. Located in the Financial District, the Class A office building spans 517,000 square foot. Cornerstone was acting on behalf of a managed fund operated by the firm while the financing—on behalf of Cornerstone—was arranged by Eastdil Secured. GlobeSt.com's request for comment from the broker was not addressed by press time.
“The newly renovated office tower is well leased to a diverse cross section of the Financial District's financial, legal and technology, advertising, media and information industries,” says Eric Becher, senior director at New York Life Real Estate Investors. “The loan represents a continuation of our long term relationship with a premier institutional real estate investment adviser. We are very pleased to provide acquisition financing to Cornerstone Real Estate Advisers for this outstanding asset in the Financial District.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
