MetLife Provides $725 Million in Financing for Manhattan Office Buildings

Emily Philips via MetLife

NEW YORK, Oct 31, 2011 (BUSINESS WIRE) — MetLife, Inc. MetLife announced today that it provided, through its real estate investments department, a $350 million, five year, fixed rate mortgage for the office condominium unit at the Bertelsmann Building, located at 1540 Broadway in Manhattan. MetLife, which provides loans on office, multi-family, industrial and retail properties, has a $40 billion* commercial mortgage portfolio.

"We are pleased to be providing financing for such a high quality asset as 1540 Broadway," said Robert Merck, senior managing director and head of real estate investments for MetLife. "We originate, underwrite and manage each investment with a long-term view, and we are well positioned to identify and complete attractive financing opportunities in top-tier markets such as New York."

The Bertelsmann Building is a 44-story, 907,000 square foot, Class A office building located in Times Square. The building is leased to several high quality tenants, including Viacom, Pillsbury Winthrop Shaw Pittman LLP, Duane Morris LLP, and Yahoo!. The borrower is a joint venture between affiliates of Edge Fund Advisors and HSBC Alternative Investments.

In addition to providing financing for 1540 Broadway, MetLife was the lead lender on a $725 million loan for Boston Properties’ 59-story, 1.6 million square foot, Class A office tower and retail property located at 601 Lexington Avenue in Manhattan. MetLife provided $375 million of the total $725 million loan, joining with Prudential Mortgage Capital Co. and New York Life.

Through its real estate investments department, MetLife oversees a well diversified real estate portfolio of approximately $60 billion*, which is one of the largest in the U.S. and consists of real estate equities, commercial mortgages and agricultural mortgages. MetLife is a global leader in real estate investment and real estate asset management, with a vast network of regional offices that keep in close contact with major real estate markets. For more information, visit http://www.metlife.com/realestate .

MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. For more information, visit http://www.metlife.com .

This press release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe" and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s most recent Annual Report on Form 10-K (the "Annual Report") filed with the U.S. Securities and Exchange Commission (the "SEC") and Quarterly Reports on Form 10-Q filed by MetLife, Inc. with the SEC after the date of the Annual Report under the captions "Note Regarding Forward-Looking Statements" and "Risk Factors", MetLife, Inc.’s Current Report on Form 8-K dated March 1, 2011 and other filings MetLife, Inc. makes with the SEC. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if we later become aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.

 

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