A life insurer’s real estate wing negotiated lending on a Lowcountry multifamily property, clearing the way for an investor to acquire an interest in it.
New York Life Real Estate Investors completed financing on behalf of institutional investors of Ansley Commons. The 270-unit apartment home community stands in North Charleston.
CBRE Capital Market’s vice chairmen Brian Eisendrath and Steve Heffner arranged the $24.5 million mortgage loan involving The Praedium Group.
“We are pleased to fund another acquisition for The Praedium Group,” says Randall Hall, senior director at New York Life Real Estate Investors. “Ansley Commons is a newly developed property in an area of Charleston that is seeing significant job growth in various sectors,” he says. “We believe this area will continue to improve in the future.”
With more $41 billion in assets under management as of March 31, New York Life Real Estate Investors is “actively seeking to acquire additional properties throughout the U.S.,” the company notes.
New York Life Insurance Co. is the largest mutual life insurance company in the United States based on revenue, according to a June report in Fortune magazine.
Go to New York Life’s website at www.newyorklife.com for more information.