Real estate is a kissing cousin of the life insurance and annuity sectors. Life insurers invest some of their general account cash in real estate, mortgages and mortgage-backed securities. Customers use the income from permanent life and annuity products to pay for housing.
Here’s the second of five GlobeSt.com articles about intersections between your universe and the real estate universe that we’ll be running this week. It gives you a peek at the kinds of real estate-related assets the carriers are putting in their portfolios now.
Bellwether Enterprise Real Estate Capital LLC has obtained a $164 million permanent loan for a private real estate investment trust based in Southern California.
One of Bellwether’s long-time correspondents, Great West Life and Annuity Insurance Company was the lender.
The borrower secured the loan with a portfolio of 16 industrial and warehouse properties in seven markets in Arizona, California, Nevada and Washington state.
The 16 properties in the portfolio have a total of about 3 million square feet of space.
Shelley Magoffin, executive vice president of Bellwether Enterprise in the Los Angeles office, and Max Sauerman, vice president of Bellwether Enterprise in the Los Angeles office, arranged the loan with Great-West Life.