ATLANTA—New York Life Real Estate Investors has arranged financing, on behalf of institutional investors, for a portfolio of five class A multifamily properties located in Dallas, Atlanta and South Florida. The $264,524,000 floating rate loan has a term of four years with three one-year extension options. The financing was a part of the acquisition of Associated Estates Realty Corp. by a real estate fund managed by Brookfield Asset Management.
“New York Life Real Estate Investors was pleased to work with a strong sponsor such as Brookfield Asset Management on such a significant transaction,” said Randall Hall, senior director in the Atlanta office of New York Life Real Estate Investors, who spearheaded the loan origination. “The timeline was challenging as we took the deal from the initial request to closing in about 60 days. We pride ourselves on understanding the real estate and getting the deal closed on time. There was a lot of great cooperation between Brookfield, CBRE and New York Life to accommodate one another's needs in a compressed closing process.”
CBRE was the mortgage broker for the transaction.
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. With more than $42 billion in assets under management as of June 30. New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the US.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
