Affiliates of both companies will co-lend loan under the agreement
MetLife Investment Management and State Street have announced a multi-year co-lending agreement for commercial mortgages worth up to $2 billion.
Under the agreement, the institutional asset management platform for MetLife and its affiliates will originate and service commercial mortgage loans for State Street affiliates. Affiliates of both companies will co-lend each loan under the agreement.
MetLife Investment Management, which provides institutional investors with long-term public and private investment and financing solutions, said the new partnership complements its previous investments across new fixed-income strategies and in new markets. Last year, MetLife acquired traditional fixed-income strategies specialist Logan Circle Partners. Earlier this year, MetLife Investments Asia received its asset management license from the Securities and Futures Commission in Hong Kong.
“This MetLife-State Street partnership offers customers access to two highly respected, leading financial institutions,” said Robert Merck, senior managing director and global head of real estate and agriculture, MetLife Investment Management. “This is an important step in growing our real estate platform, and we look forward to partnering with State Street to provide a wider range of real estate financing options to our borrowers.”
“We are pleased to partner with MetLife to source new investment opportunities, as well as add commercial real estate mortgages to our broad suite of lending options, and we plan to lend in concert with our many asset management clients,” said Paul Selian, head of global credit finance for State Street Global Markets. “This agreement is a testament to the relationship State Street has with MetLife.”
