New York Life Real Estate Investors announced $205 million in financing for 757 Third Avenue.
The 503,000 s/f Class A office tower in Midtown is owned by Multi-Employer Property Trust (MEPT), as advised by Bentall Kennedy (US) Limited Partnership. The $205 million loan has a term of 15 years.
MEPT is an open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in the United States.
Founded in 1982, MEPT now has over $5.5 billion in net assets and has become one of the largest real estate equity funds in the US.
Bentall Kennedy bought 757 Third Avenue on behlaf of the fund from Rosen’s RFR Holding for $360 million in March.
“757 Third Avenue is a premier, well leased office building located in one of the strongest office markets in the nation,” said Eric Becher, senior director of New York Life Real Estate Investors’ New York Regional Office.
“This financing represents an excellent addition to our commercial mortgage portfolio. We are very pleased to expand our relationship with MEPT and Bentall Kennedy in financing their acquisition of this quality asset.”