MetLife, State Street Strike $2 Billion Mortgage Partnership
(Bloomberg) -- MetLife Inc.’s asset manager struck a deal with State Street Corp. to originate and service as much as $2 billion in commercial mortgages.
The companies will co-lend each loan under the multiyear agreement, New York-based MetLife said Thursday in a statement.
“This is an important step in growing our real estate platform,” Robert Merck, global head of real estate and agriculture at MetLife’s asset manager, said in the statement. The partnership “offers customers access to two highly respected, leading financial institutions.”
MetLife has been working to expand its asset manager since forming the business in 2012. The unit brings in stable fees and is less capital-intensive than some insurance operations. MetLife Investment Management originated $14 billion in commercial mortgages last year, bringing the total of those loans managed by the company to a record $57 billion.
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