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 fourth 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.
Preferred Apartment Communities, a real estate investment trust (REIT), has used a $114.4 million loan from New York Life Insurance Co. to acquire the Wells Fargo Capitol Center in Raleigh, North Carolina.
The purchase price was not disclosed, but the loan was a non-recourse first mortgage loan.
Wells Fargo Capitol Center is a 559,591-square-foot, 29-story office building. The tower is currently leased to a mix of tenants, including tenants in the financial services, law, technology and government sectors.