NEW YORK, N.Y., May 31, 2005 - New York Life Investment Management LLC (NYLIM), acting as investment manager for New York Life Insurance Company (NYL), closed a $70 million mortgage loan secured by industrial properties, containing more than 3.6 million square feet located in Georgia, Florida, Tennessee, Mississippi and Illinois.

The borrower is Industrial Property Fund VI, LLC, a joint venture between Industrial Developments International, Inc. (IDI) and Teachers Insurance and Annuity Association of America (TIAA). IDI is a national, full service industrial real estate developer based in Atlanta with development offices across the country.  Having developed properties in more than 50 markets since its inception in 1989, IDI provides strategically located properties throughout North America to best meet client’s distribution, warehouse and light manufacturing needs.

“We were very pleased to provide mortgage financing on this well diversified portfolio.  The transaction broadens our real estate mortgage holdings and expands our relationship with both IDI and TIAA, two of the top real estate owners in the country.” commented Michael Kelly, Managing Director, NYLIM Real Estate Group.

NYLIM's Real Estate Group is a full service, fully integrated enterprise focused on originating, underwriting and investing in real estate related debt products. As of March 31, 2005, the Real Estate Group manages approximately $19.7 billion in client assets, including commercial mortgages, CMBS and other real estate related products on behalf of both third party institutional investors and New York Life.

New York Life Investment Management LLC and its affiliates, with more than $188 billion in assets under management as of March 31, 2005, provide a wide range of investment services to institutional, individual, corporate, public, and Taft-Hartley clients, including institutional asset management, retail investments, retirement services, guaranteed products, real estate investments, and alternative investments.  For more information, visit the New York Life Investment Management website at www.nylim.com.