NEW YORK, N.Y., June 8, 2005 - New York Life Investment Management LLC (NYLIM), acting as investment manager for New York Life Insurance Company (NYL), recently funded two mortgage loans totaling $21.2 million that are secured by two Florida apartment complexes, located in Melbourne, Florida.  

The garden style apartment complexes are owned by a development company which owns, develops and manages commercial real estate properties throughout the northeast, Florida and California.  These loans expanded the existing relationship between NYLIM and the development company.  Prior transactions between the parties consisted of loans secured by a multifamily property and a retail property, both located in the northeast.   

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 managed approximately $19.7 billion in client assets, including commercial mortgages, CMBS and other real estate related products on behalf of both New York Life, and third party institutional investors.

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 .

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long-term care insurance.  Please visit New York Life's Web site at www.newyorklife.com for more information.

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