NYL's $507M Financing for 11 Times Square

New York Life Real Estate Investors, a division of NYL Investors under New York Life, provided a $507 million loan against 11 Times Square, a 1.1 million-square-foot office property in midtown Manhattan this week. Building owners Prudential Real Estate Investors, Norges Bank Investment Management and SJP Properties secured the financing through Eastdil Secured; terms of the ten-year loan were not disclosed. According to GlobeSt.com, SJP Properties, the operating partner, will continue to manage and lease the property and will maintain its New York City headquarters in the building.

"New York Life Insurance Company and our co-lender, Northwestern Mutual and New York State Teachers' Retirement System, are very pleased to provide financing for this outstanding asset," said Eric Becher, senior director at New York Life. "The property has an impeccable tenant roster and is conveniently located near numerous subway lines, Port Authority, Grand Central and Penn Station."

The latest loan was provided as part of the 40-story property's recapitalization, in which Norges Bank Investment Management bought a 45% stake for $401.9 million from a partnership of Prudential Real Estate Investors and SJP Properties, according to a Commercial RealEstate Direct report. The loan refinances one of equal size that MetLife and New York Life had provided in 2013.

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NYL Gives $205M Loan for 757 Third Avenue

New York Life Real Estate Investors, a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company, announced this week that it had financed 757 Third Avenue in Midtown Manhattan. The $205 million loan with a term of 15 years was generated for Canadian investment manager Bentall Kennedy; the company purchased the property from Aby Rosen's RFR Holding for $360 million in March, according to a report from The Real Deal.

"757 Third Avenue is a premier, well leased office building located in one of the strongest office markets in the nation," said Eric Becher, Senior Director of New York Life Real Estate Investors' New York Regional Office. "This financing represents an excellent addition to our commercial mortgage portfolio. We are very pleased to expand our relationship with MEPT and Bentall Kennedy in financing their acquisition of this quality asset."

Designed by noted Architects Emery Roth & Sons, the tower was completed in 1963 and renovated in 2009. The building is located within minutes of Grand Central Terminal, and has excellent access to public transportation. RFR purchased the 27-story office tower at East 47th Street in 1999 for $103 million and has invested more than $20 million in upgrades to attract a mix of tenants. Last January the tower signed two new marquee tenants: accounting firm Grant Thornton and Berkley Insurance, according to published reports.

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