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New York

New York Life gives $205M loan for Bentall Kennedy’s 757 Third

Canada-based landlord bought the office tower last month for $360 million

757 Third Avenue in Midtown East
757 Third Avenue in Midtown East

New York Life Real Estate Investors provided a $205 million loan to Canadian investment manager Bentall Kennedy on 757 Third Avenue in Midtown East.

The loan has a 15-year term, according to the New York Observer. Bentall Kennedy bought the more than 500,000-square-foot officer tower from Aby Rosen’s RFR Holding for $360 million in March.

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RFR spruced up the building before selling it. Last year, according to the Observer, accounting firm Grant Thornton and Berkley Insurance both inked leases at the tower.

“This financing represents an excellent addition to our commercial mortgage portfolio,” Eric Becher, a senior director of New York Life Real Estate Investors told the Observer. [NYO] — Claire Moses

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