MetLife and State Street in Commercial Mortgage Pact

MetLife and State Street in Commercial Mortgage Pact

August 20, 2018
The delinquency rate for U.S. commercial real estate loans in commercial mortgage-backed securities (CMBS) reached 5.18 percent this month
MetLife Investment Management, the New York-based institutional asset management platform for MetLife Inc., and Boston’s State Street Corp. have signed a multi-year agreement in which MetLife Investment Management and its affiliates will originate and service up to $2 billion in commercial mortgages for State Street affiliates. The companies’ affiliates will also co-lend each loan under the agreement.
“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 at 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.”