MetLife enters $2B co-lending agreement with State Street amid real estate push

The life insurer will act as originator and servicer on all the loans

Aug.August 17, 2018 09:00 AM

State Street CEO Joseph Hooley (green) and MetLife’s Robert Merck (blue) (Credit: Twitter, Metlife, and iStock)

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

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Wesley Edens’s Fortress Investment Group picked up a mortgage bond portfolio for a steal (Credit: Drew Angerer/Getty Images, iStock)

Sharks circle as mortgage lenders shed portfolios at steep discounts

Commercial loans expected to suffer because of the pandemic (Credit: iStock)

March saw fewer CMBS delinquencies. That is likely to change: Fitch

(Credit: iStock)

Thousands of CRE borrowers call on banks for debt relief

Banks, funds, mortgage REITs, and agencies like Fannie Mae and Freddie Mac have all begun adjusting their lending approach in face of the economic downturn (Credit: iStock)

These are the sectors where real estate lending is still happening: report

Angel Oak Cos. CEO Michael Fierman and Flagstar Bancorp Inc. CEO Alessandro DiNello (Credit: Angel Oak, Flagstar, iStock)

Mortgage market dries up for unconventional home loans

A WeWork office (Credit: Alex Tai/SOPA Images/LightRocket via Getty Images)

WeWork offers rent discounts as incentive to secure long-term leases