Florida pension manager lands $100M loan for Yorkville rental tower [corrected]

Nationwide Life Insurance is the lender
By Christian Bautista | February 28, 2018 05:10PM

240 East 86th Street

Correction: An earlier version of this article incorrectly reported that Related and L&B Realty Advisors owned the building. The State of Florida is the owner.

UPDATED: Thursday, March 1 at 11:33 a.m. The state of Florida’s pension management arm obtained a $100 million loan for the Ventura rental building in Yorkville, according to property records filed with the city Wednesday.

The property, located at 240 East 86th Street between Second and Third avenues, is a 22-story rental building with 246 units. The retail space at the base of the building is occupied by grocery chain Fairway Market. The tower contains a mix of studios to four-bedroom units with prices starting at $2,695 per month, according to StreetEasy.

Nationwide Life Insurance provided the financing for the new mortgage. Before the transaction, the building itself was not encumbered by any debt, according to property records. However, Fairway took out a $4.6 million loan on its retail space in 2016.

The state of Florida, through its investment management agency the State Board of Administration, acquired the building in 2000 from Related Companies. The SBA overseees the $191.5 billion in assets held by the Florida Retirement System, one of the largest public retirement plans in the country. The agency’s portfolio includes investments in real estate funds operated by Blackstone, Brookfield, Starwood and Hines.