News: Front Section
Posted: December 4, 2015
New York Life Real Estate Investors provides $648 million for 500 Boylston Street and 222 Berkeley Street
Boston, MA New York Life Real Estate Investors completed the acquisition financing of 500 Boylston and 222 Berkeley Sts., two interconnected class A properties with 1.3 million s/f of office and retail space. The properties are located between Copley Sq. and the Boston Public Garden in the city’s Back Bay. The $648 million loan has a term of 7 years and was provided by New York Life Insurance Company and co-lender TIAA-CREF Global Real Estate.
500 Boylston Street and 222 Berkeley Street - Boston, MAThe properties were simultaneously acquired by a joint venture between Oxford Properties Group, a wholly owned subsidiary of the Ontario Municipal Employees Retirement System (OMERS) and institutional investors advised by J.P. Morgan Asset Management.
“We are very pleased to provide financing for this outstanding asset. The properties’ street presence combined with their flexible floor plates, panoramic views, floor to ceiling windows and high level of finishes makes them two of the most desirable office buildings in Boston,” said Eric Becher, senior director at New York Life Real Estate Investors. “The loan represents a continuation of our long term relationship with these teams of premier real estate owners and co-lenders.”
Eastdil Secured arranged the financing on behalf of the borrower.
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With close to $45 billion in assets under management as of September 30, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
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