All Posts March 28, 2019

Business Wire,

WHIPPANY, N.J.–(BUSINESS WIRE)–MetLife Investment Management (MIM), MetLife, Inc.’s (NYSE: MET) institutional asset management business, announced today that it originated $5.0 billion in global agricultural loans in 2018, a 72.4% increase over the prior year, and a record amount for MIM. This strong production propelled MIM’s total agricultural mortgage loan assets under management to $17.9 billion, another record for MIM, further solidifying the firm as the largest non-government sponsored, agricultural mortgage lender in the United States.

“Despite low commodity prices and ongoing trade uncertainty, our agricultural finance group achieved record growth in 2018,” said Robert Merck, senior managing director and global head of real estate and agriculture at MetLife Investment Management. “During the year, we continued to support our domestic producer clients, and we made significant progress in expanding internationally, most notably into Uruguay and Mexico.”

During 2018, MIM also expanded its agricultural lending platform to include a Forest Products platform, focusing on lending to fiber processing facilities and other commercial timberland downstream borrowers. This initiative allows MIM to provide loans across the full spectrum of the forestry supply chain, from production to processing.

Barry Bogseth, managing director and head of MIM’s agricultural finance group, added: “In 2018, we continued to cement our role as a steady source of capital for the agricultural sector. We look forward to further serving our agriculture clients with customized financing solutions that meet their needs, just as we have for over 100 years.”

Highlights of MIM’s agricultural lending transactions for 2018 include:

Every Bear Investment, LLC

$228 million senior secured fixed-rate financing for 10 years
Borrower is a subsidiary of iStar, Inc. (NYSE: STAR), a REIT focused on investments in commercial real estate
Secured by seven cold storage warehouses located in seven states, totaling 1.24 million square feet

BTG Pactual Timberland Investments Group

$125 million revolving line-of-credit facility
Secured by approximately 165,000 acres of timberland located in eight states
Collateral is dispersed across all primary timber producing regions in the United States and contains many different commercial hardwood and softwood timber species

FirstFruits HoldCo, LLC

$85 million variable rate term loan financed for 20 years
Secured by 12,643 acres of orchards and farmland in Washington state
Collateral includes orchards and processing facilities in the leading apple growing region in the United States

El Maximo Ranch Holdings, LLC

$75 million variable rate term loan financed for 15 years
Secured by 38,458 acres in Florida
Farming operation on collateral will include row crops and vegetable production, along with cattle ranching
MetLife Investment Management oversees an agricultural portfolio consisting primarily of mortgages for farms, ranches, food production, agribusiness, and timberland. The firm has provided agricultural financing solutions since 1917 and is the largest non-government sponsored, agricultural mortgage lender in the United States. MIM’s agricultural finance group has a lending presence in most major agricultural production areas throughout the United States and South America.

About MetLife Investment Management

MetLife Investment Management, MetLife, Inc.’s institutional asset management business, is a global fixed income and real estate manager providing differentiated investment solutions to institutional investors worldwide. MetLife Investment Management provides institutional investors including corporate and government pension plans, insurance companies and other financial institutions with long-term public and private investment and financing solutions. MetLife Investment Management leverages a disciplined credit research and underwriting process to provide institutional investors with asset origination and acquisition opportunities and proprietary risk management analytics across public fixed income strategies, private placements, and commercial real estate debt and equity investing, among others. For more information, visit https://investments.metlife.com.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.