
Dealmaker: Bellwether Enterprise Closes $69M for MetLife Investments Headquarters
Bellwether Enterprise, Cleveland, closed a $68.9 million acquisition loan for MetLife Investments’ headquarters property in Hanover Township, N.J.
Morgan Stanley, New York, provided the financing.
The property, One MetLife Way, is a 185,000-square-foot Class-A office building. Designed as a modern workplace, One MetLife Way also includes an extensive exterior seating and lounge area with an amphitheater, waterfall and fire pit.
Bellwether Enterprise Executive Vice President C. Cooper Willis originated the loan for Salus Government Properties, Charlotte, N.C. He said the firm loan structured the loan around the asset’s acquisition closing and completion of the landlord’s and tenant’s respective construction responsibilities.
In Long Beach, Calif., Bellwether Enterprise arranged $22.7 million in Fannie Mae funds to refinance apartment community 3787 East 11th Street.
Built in 1984, 3787 East 11th Street includes 18 three-story buildings housing 156 units.
Loan originators Jason Krupoff and Doug Taylor, both Senior Vice Presidents in Bellwether Enterprise’s Irvine, Calif., office, arranged the loan. They delivered a 10-year interest-only fixed-rate loan through Fannie Mae’s Green Rewards program.
To meet the Green Rewards program’s stipulations and its lower interest rate, the borrower agreed to increase the buildings’ water efficiency over the next two years. Improvements include adding low-flow faucets and replacing the landscaping and sprinkler system with drought-tolerant plants and a drip irrigation system. The borrower also plans to add Energy Star-certified washers and dryers to the eight laundry room facilities, Krupoff said.
“Improving the water efficiency was not just a means to receiving better loan terms; it will reduce the environmental impact of the building on California’s limited water resources and reduce utility costs for residents as well,” Krupoff said. “The Long Beach rental market is strong, and with lower utility costs and a lower environmental footprint, these changes will only make the building more competitive to prospective renters.”
Bellwether Enterprise President Ned Huffman called renovating buildings to decrease resource consumption a step in the right direction. “[We] hope to more encourage borrowers to make similar improvements by continuing to promote Fannie Mae’s offerings,” he said.