Law360 (March 25, 2020, 2:25 PM EDT) — A New York Life Insurance lending arm has provided $70 million in financing to real estate firm Preferred Office Properties for an office park outside of Charlotte, North Carolina, the company said Wednesday.
New York Life Insurance Co. unit New York Life Real Estate Investors provided the loan for Morrocroft Centre, which has 290,602 square feet of space and is located in Charlotte’s SouthPark neighborhood. The 10-year loan is at a fixed interest rate, New York Life said Wednesday.
The property is located at 6805 Morrison Blvd. and includes three buildings on 12 acres.