MetLife Investment Management Lends $169M on Office, Multifamily

MetLife Investment Management, New York, lent $169.2 million on office and multifamily properties in Florida and Georgia.

MetLife Director Jay Gadsby originated the loans.

In Tampa, Fla., the firm lent $80.4 million on two Class A waterfront office buildings, Island Center and Waterford Plaza.

The 12-story buildings total 495,000 square feet in Tampa’s Rocky Point submarket. “The location provides tenants with views overlooking Tampa Bay close to restaurants, luxury hotels and employment centers as well as several upscale residential developments,” Gadsby said.

MetLife provided the five-year loan to a joint venture composed of Partners Group and Parmenter Realty affiliates.

In Miami, Gadsby originated a $42.75 million 10-year loan for The Richman Group, Greenwich, Conn. Azura Kendall, a 240-unit, three-story Class A apartment community secures the loan. The eight-story building opened last year.

Located in West Kendall, 16 miles southwest of downtown Miami, the property has access to the Florida Turnpike and Don Shula Expressway.

MetLife also lent $46.15 million on The Heights at Sugarloaf, a 330-unit Class A apartment community that opened in Duluth, Georgia in 2016. The 11.7-acre property is adjacent to Sugarloaf Market, a 30-acre mixed-use development with the retail portion anchored by Sprouts. An investment group led by Starlight Investments, Toronto, received the financing.