MetLife Investment Management Commercial Mortgage Loans

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Commercial Mortgage Loans

Available Strategies

First Mortgages, Subordinate Debt

Available Structures

Participation Structures
$71.6
Mortgage

We seek to identify institutional quality4 commercial mortgages that offer higher relative value than similarly rated corporate bonds and greater protection from default risk. Our commercial mortgage loan platform targets mostly opportunities in the primary markets with the remainder in select secondary and tertiary markets. We focus on office buildings, retail centers, apartment complexes, industrial properties and hotels. Investment real estate professionals in our regional office platform solicit, underwrite, originate and manage the loans and have in-depth real estate knowledge and longstanding industry relationships within their regions.

Why Commercial Mortgages?

  • Potential for: predictable current income and spread premiums with generally low historical loss rates in various market conditions
  • Structural protections (e.g. secured repayment protection, amortization and control over additional debt)
  • Potential portfolio diversifier given its low historical correlation to many major asset classes
  • Flexible term and rate structures that may be ideal for liability-driven investing

Approach 

  • A broad range of investment structures—participations, joint ventures, private label or other structured solutions across the risk/return spectrum—from first mortgages to subordinate debt
  • Seeks to utilize MetLife Investment Management's size and scale to gain access to deal participant and flow across global markets, property types, loan term and seniority in the capital stack
  • Disciplined underwriting and monitoring processes
  • Proprietary research supports investment decisions by helping to define investment strategy, mitigate risk and provide underwriting and valuation guidance

Key Differentiators

  • Integrated equity and debt platform with broad insight into local markets
  • Extensive global office network with 200+ real estate professionals in seven U.S. offices, plus global offices in London, Mexico City, Santiago and Tokyo5
  • Comprehensive access to market participants and opportunities through long-standing relationships with large owners, developers and operators
  • Discipline in underwriting and structuring loans
  • Integrated research, risk, and debt analytics capabilities including internal valuations as well as centralized loan ratings and monitoring processes
  • Highly specialized market and sector experts with experience across senior and subordinate loans

MetLife Investment Management and the Environment

We seek to maintain industry-leading environmental, social, and governance (ESG) best practices in our real estate lending business. By adopting six overarching ESG principles and practices, we seek to (1) support sustainable long-term returns, (2) support our commitment as a signatory of the Principles for Responsible Investment (PRI), (3) assess financial risks and opportunities, and (4) reduce the environmental impact of our lending portfolio in partnership with our stakeholders. 

This policy codifies our commitment to incorporate ESG issues and analysis throughout our lending process, including origination, due diligence, deal approval and ongoing monitoring.

To read our Real Estate Debt ESG Policy, click here.

To learn more about MetLife Investment Management's approach to environmental, social and governance (ESG) considerations, click here.

Log in to MetLife Investment Management’s Client Portal

1 Please note that not all structures are available in all jurisdictions.

2 As of September 30, 2020. At estimated fair value. Represents the value of all commercial mortgage loans managed by MIM, including commercial mortgage loans included within certain real estate joint ventures owned by MetLife's general account, presented on the basis of net asset value (net of encumbering debt).

3 As of September 30, 2020. At estimated fair value. Represents the value of all commercial mortgage loans managed by MIM, including commercial mortgage loans included within certain real estate joint ventures owned by MetLife's general account, presented on the basis of gross market value (inclusive of encumbering debt).

4 MetLife Investment Management considers an institutional-grade, or institutional-quality property to be a property of sufficient size and stature to merit attention from large national or international investors.

5 Santiago and Mexico City offices are offices of local MetLife Insurance subsidiaries; investment professionals located in these offices provide services internally to MetLife affiliates and do not currently provide asset management services directly to any third parties. MIM’s registered investment advisory entities leverage the services of these offices in connection with Mexico CML opportunities for their clients. Investment professionals located in the Tokyo office provide investment services to third parties for other asset classes, but do not provide real estate related investment services to third parties.

Investors should carefully consider their investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information, please email icg@metlife.com to request more information. Please review the Terms of Use of this site for additional details.