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Building Owner Gets $97 Million Loan From New York Life Unit

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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 third 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.

New York Life Real Estate Investors has originated a 20-year, $97 million secured loan for the William Kaufman Organization.

The loan was secured by a 212,560 square-foot building at 2 Gansevoort St. in Manhattan, in New York City.

(Related: MetLife to Help State Street Affiliates Make Commercial Mortgage Loans)

The building, which was built in 1912, has housed a warehouse and trade school. It was one of the first buildings in the Meatpacking District converted to office space. The property is close to the Whitney Museum of American Art and the High Line.

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The current tenants include Theory, Kobalt Music and Coronado Biosciences. New York Life Real Estate Investors is an arm of New York Life Insurance Company.

The lending operation originated the loan with the William Kaufman Organization and Sage Realty, WKO’s leasing and management division.

— Read Prudential’s Real Estate Finance Arm Describes Its Lending Targetson ThinkAdvisor.

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