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NY Life Unit Loans $94M For Calif. Office Project

Law360 (March 20, 2019, 6:04 PM EDT) -- The real estate lending arm of New York Life Insurance Co. has given $94.1 million in financing to California developer Westlake Realty Group Inc. for a San Mateo office project, New York Life announced Wednesday.

The loan from New York Life Real Estate Investors is for 520 South El Camino Real, which has a total of 151,000 square feet and is in the midst of a massive renovation.

Westlake Realty will use the loan proceeds to partially fund ongoing improvements at the property, according to the announcement on Wednesday.

“New York Life delivered best-in-class deal execution," Kristina Chang, president of Westlake...

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