MetLife’s Commercial Real Estate Lending Tops $12 Billion in 2014
The company also committed to invest approximately
Within its international portfolio,
Real estate investments are an important part of MetLife’s asset-liability matching program. The long-term nature of these investments makes them a good match for the long-term liabilities the company writes.
MetLife’s third party asset management business also had a strong year of operation, originating more than
“MetLife remained a very active real estate investor in 2014 across a number of sectors, including commercial mortgages, real estate equity, and investments on behalf of our institutional clients,” said
MetLife’s real estate platform includes origination and asset management offices across eleven regional offices in
Strong Commercial Mortgage Lending
$508 million senior loan on the Forest Portfolio, collateralized by three Class A centralLondon office properties;$500 million direct warehouse revolving line of credit, secured by a pool of loans inthe United States ;$410 million term loan facility, secured by a pool of first mortgage loans in theUnited Kingdom and continentalEurope ;$350 million first mortgage on The Shops atLa Cantera , a super-regional open-air center inSan Antonio ;$350 million direct warehouse revolving line of credit, secured by a pool of loans inthe United States ;$324 million senior loan on125 Old Broad Street , a Class A office building located inLondon ;$315 million first mortgage onGalleria Dallas andWestin Galleria Hotel , a regional mall and full-service hotel located inDallas ;$300 million loan onMarket Square , two Class A office buildings inSan Francisco ;$290 million first mortgage onWells Fargo Tower , a Class A office building inDenver ; and$267 million first mortgage on1801 K Street , a Class A office building inWashington, D.C.
Equity Real Estate Investments
“MetLife and its partners had a strong year adding high-quality assets to our real estate portfolio in a variety of markets,” Merck added. “We think the market in 2015 will offer ample opportunities for equity deals for institutional investors.”
The five largest equity real estate transactions in 2014 were:
One Beacon Street , an office building inBoston for approximately$561 million (in a joint venture withNorges Bank Investment Management );Normandale Lake Office Park , a 1,680,000 square foot office park located inBloomington, Minnesota for$369 million (in a joint venture with Allstate);Mililani Town Center , a 450,000 square foot retail center inMililani, Hawaii for$227 million (in a joint venture with M&J Wilkow);- The
Fairmont Hotel , a 415-room luxury hotel located inWashington, D.C. for$180 million ; 655 West Broadway , a 390,000 square foot office building located inSan Diego for$157 million .
Additionally,
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