Cornerstone Real Estate Advisers, a subsidiary of Massachusetts Mutual Life Company, lent $92.5 million to Pennsylvania-based real estate investor and manager Keystone Property Group, according to a press release from brokerage HFF, which arranged the deal.
Keystone will use the proceeds of the three-year, floating-rate loan to upgrade several Connecticut and Westchester County, N.Y. office properties it recently acquired in a J.V. with Mack-Cali Realty Corporation.
Meridian Capital Group negotiated a $66 million loan for the purchase of the St. Moritz Apartments, a multifamily property in Edgewater, N.J., Mortgage Observer has first learned.
The borrower was a fund managed by Cornerstone Real Estate Advisers, the Hartford, Conn.-based subsidiary of Massachusetts Mutual Life Insurance Company.
When HFF’s New York office negotiated its first major deal in 1998, Michael Tepedino, a recently hired broker at the time, and his colleagues called on Cigna, an “old-line relationship” that one of them knew on the life insurance side of the business.
The borrower, SL Green Realty Corp., was by no means desperate to find a lender.
Cornerstone Real Estate Advisers has selected Cassidy Turley as the new leasing and management agency for 551 Madison Avenue, it was announced today. The 150,000-square-foot property is located at the corner of 55th Street.
Cornerstone acquired the building in a transaction that closed at the end of December 2012, Jim Frederick, executive managing director and principal at Cassidy Turley, told The Commercial Observer earlier today.
The building was previously managed by Jones Lang LaSalle and leased by Cushman Wakefield, Mr. Frederick said. The sale was handled by CBRE.