New York Life provides $260m real estate loan

The real estate lending division of the insurer is refinancing two office buildings in California.

New York Life Real Estate Investors has provided a $260 million loan to refinance two office buildings at the heart of a 1.27m sq ft complex called The Water Garden in Santa Monica, California, PDI sister title Real Estate Capital reported.

The 12-year fixed-rate loan, made to a group of institutional investors advised by J.P. Morgan Asset Management, refinances two six-story, Class A, office buildings that total 673,660 sq ft.

The properties at 2425 Olympic Boulevard and 1620 26th Street are home to tenants Amazon,, Group M Worldwide, Sony Computer Entertainment and AMC Networking Entertainment.

Paul Brindley, a senior managing director with HFF, which arranged the financing, said The Water Garden’s “position as the leading office asset in Santa Monica will be enhanced further by the sponsor’s careful consideration of strategic capital improvements”.

The planned Bergamot/26th Street Expo Station across the street is an additional boon for the complex, he noted.

New York Life Real Estate Investors, which has more than $41bn in assets under management, is a division of NYL Investors, a wholly-owned subsidiary of New York Life Insurance Company.

The Water Garden is located 14 miles west of downtown Los Angeles.