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New York

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

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

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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

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MetlifeReal Estate FinanceReal Estate Loans