New York Life Real Estate Investors Announces Closing of Its Madison Square Structured Debt Fund

NEW YORK, Oct. 28, 2020 /PRNewswire/ -- New York Life Real Estate Investors ("REI") today announced the final closing of its Madison Square Structured Debt Fund ("Fund"), a commingled, high yield real estate debt vehicle. With nearly $500 million of committed capital, this closed-end fund will originate bridge loans collateralized by institutional-quality office, multifamily, industrial, retail, and other niche sector assets in primary and secondary markets in the United States. The vehicle will originate roughly $1 billion of senior bridge loans in total.

John Lippmann, an industry veteran and head of structured debt at REI, serves as the portfolio manager for the Fund. Mr. Lippman and his team have originated nearly $5 billion of structured loans since 2012 and have established a very strong track record and pipeline.

"We believe that the new Madison Square Structured Debt Fund is well positioned to deliver attractive, risk-adjusted returns for investors in the face of global turbulence and real estate market disruption driven by the current capital market dynamics," said Mr. Lippmann.

The Fund marks an important milestone in REI's third-party investment management business while also helping New York Life to achieve additional portfolio diversification.

"We continue to focus on creating geographically and sector diversified investment solutions that offer a compelling value proposition to investors," said Paul Behar, head of business development at REI. "This program allows us to seek attractive current returns with a lower level of volatility, which resonates well with investors in the current economic environment."

About New York Life Real Estate Investors

New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. For more information please visit: http://www.newyorklife.com/realestateinvestors.

New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage backed securities. With over $59.7 billion in assets under management as of June 30, 2020.  ⁽¹⁾ New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.

⁽¹⁾ Real Estate Investors AUM of $59.7B is gross and includes AUA ($1.4B) as of 6/30/2020. Net AUM for Real Estate Investors is $58.3B as of 6/30/2020.

About New York Life

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies**.

*Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, 5/18/20. For methodology, please see http://fortune.com/fortune500/.

**Individual independent rating agency commentary as of 9/12/19: A.M. Best (A++), Fitch (AAA), Moody's Investors Service (Aaa), Standard & Poor's (AA+).

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SOURCE New York Life Real Estate Investors