MetLife Originates Over $1.6 Billion in Agricultural Mortgages

by Emily Phillips via MarketWatch

NEW YORK, Nov 08, 2011 (BUSINESS WIRE) — MetLife, Inc. MET +0.04% announced today that it has originated over $1.6 billion in agricultural mortgages in the first nine months of 2011. MetLife, through its agricultural investments unit, provides mortgage loans on farms, ranches, timberland and agribusiness facilities throughout North America.

"MetLife continues to be very active in the agricultural lending industry," said Robert Merck, senior managing director and head of agricultural investments for MetLife. "Our mortgage production to date demonstrates our expertise in providing borrowers with a reliable and trusted source of financing for the long-term growth and success of their business. At the same time, with the transactions we’ve completed this year, we have continued to further strengthen our high-quality portfolio of agricultural mortgages."

Some of MetLife’s Agricultural Investments unit’s recent transactions include:

Aurora Cooperative — Aurora, Nebraska

— $75 million of a $90 million senior secured loan

— Secured by fixed assets principally comprised of grain handling and storage facilities

— Aurora Co-Op is a grain merchandiser and specializes in handling and storage, as well as a merchandiser and distributor of crop chemicals, fertilizers and energy products

FIA Timber Partners, L.P. – Continental U.S.

— $80 million senior secured, 5.25 year fixed rate loan

— Secured by timberland located across the southern, southeastern, and northwestern United States

— Stands are primarily well distributed age classifications of Southern Pine and Douglas Fir

— Assets managed by Forest Investment Associates of Atlanta, GA

Central States Enterprises, LLC — Heathrow, FL

— $56 million first mortgage, 10 year fixed rate loan

— Secured by grain storage and handling facilities in Northeast Indiana

— Central States Enterprises provides grain and feed handling, merchandising and transportation logistics services

Woolf Enterprises – Fresno & Madera Counties, CA

— Three senior secured fixed rate loans with a combined total of $43 million

— Secured by irrigated field crop land, almonds, pistachios and wine grapes in the western San Joaquin Valley of California

— Woolf Enterprises is a diversified, vertically integrated, multi-generational family business

"MetLife has a deep understanding and knowledge of our industry and worked seamlessly with our banking group to provide us with an optimal structure of long and medium-term solutions," said Aurora Cooperative CFO Robert Brown. "I have worked with numerous financial institutions in my more than 30-year CFO career, and MetLife’s industry expertise was extremely valuable in supporting our financing needs."

Through its agricultural investments department, MetLife oversees a $13 billion agricultural portfolio, which consists of farm and ranch, food and agribusiness and timberland mortgages. MetLife has provided agricultural financing solutions since 1917 and is one of the largest agriculture mortgage lenders in North America. MetLife has agricultural investments offices in Fresno, Calif., Overland Park, Kan., West Des Moines, Iowa, and Bloomington, Ill., as well as a National Timber Office in Memphis, Tenn. For more information, visit http://www.metlife.com/ag .

 

 

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