MetLife Inc. reports that it has closed, through its real estate investments department, a $300 million loan for the Bank of America Center in San Francisco and a $250 million loan for the Washington Square building (pictured left) in Washington, D.C.
MetLife, which provides loans on office, multifamily, industrial and retail properties, has a nearly $40 billion commercial mortgage portfolio.
"In 2011, we've been very active in originating loans on high quality assets in top-tier markets," explains Robert Merck, senior managing director and head of real estate investments for MetLife. "Specifically, we have originated over $8 billion in commercial mortgages to date and continue to look for attractive investment opportunities."
The Bank of America Center comprises three office buildings. Vornado Realty Trust secured a 10-year, $600 million loan on the property, split evenly between MetLife and Pacific Life.
Washington Square, a 12-story, Class A office building, is leased to high-quality tenants, including prominent law firms and service companies, MetLife notes.
(Photo courtesy of WashingtonSquareDC.com.)