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Insurance Companies Get Busy Lending

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Our guest columnist Michael Stoler on the latest big-time lender in Manhattan real estate.

Insurance companies, for many years the most active lenders in the financing of commercial real estate, remain bullish on the state of the real estate market, especially when it comes to our region and the city.

In June, MetLife and Pacific Life Insurance Company provided a 12-year, $500 million mortgage to a joint venture of SL Green and the New York State Teachers Retirement System (NYSTRS) for the 1.4-million-square-foot, Class A office tower at 919 Third Avenue. The loan bears interest at a fixed rate of 5.116 percent and matures in 2012. Read More