MetLife and State Street Corporation are entering into a co-lending agreement.
MetLife Investment Management, MetLife’s institutional asset management platform, will spearhead the partnership, according to Seeking Alpha, providing the Boston-based financial services firm with up to $2 billion to be used for commercial real estate loans. The life insurer will originate and service the mortgages, but the companies will act as co-lenders.
Robert Merck, senior managing director at MetLife Investment Management, said the deal was an important step in growing the company’s real estate platform, and that it will allow for a wider range of financing options for borrowers.
The deal complements the company’s plan to grow its business in new markets and fixed-income strategies. Last year, MetLife teamed up with Fortress Investment Group to buy investment management firm Logan Circle Partners for $250 million. [Seeking Alpha] – Eddie Small