East Boston, MA New York Life Real Estate Investors, on behalf of New York Life Insurance Company, completed the $97 million financing of Portside II at East Pier, a 296 unit, multifamily property. The borrower is a wholly owned subsidiary of Mack-Cali Realty Corp.

“We are excited to work with Roseland Residential Trust again on the origination of this fixed rate financing secured by the newly constructed Portside II on the East Boston waterfront,” said Eric Becher, senior director and head of New York Life Real Estate Investors’ Northeast regional office.

“The property’s rapid lease-up is the result of Roseland’s continued success and experience in developing waterfront communities throughout the Northeast,” said Keith Duane, director of New York Life Real Estate Investors’ Northeast regional office, the loan officer for the transaction.