October 2, 2008
Kelley Drye represented New York Life Insurance Company (NYLIC) in a $50 million real estate loan to Treehouse, a Chicago-based multi-unit apartment complex. Proceeds of the loan were used for $11 million in capital improvements and to refinance an existing loan. This is the fourth loan that NYLIC has provided to affiliated parties of Treehouse's management. NYLIC, founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world.
Partners Paul Keenan and Andrew Pillsbury represented New York Life Insurance in this matter.