Dealmaker: MetLife Loans $308M on Office, Multifamily Assets

MetLife, New York, provided $308 million for office and apartment properties in Utah, Seattle and New York.

In downtown Salt Lake City, Metlife Real Estate Investors Director Patrick Lim originated $105 million from Metlife Investment Management to refinance 222 Main Street, a Class A office tower at the corner of Main Street and 200 S.

KBS, Newport Beach, Calif., sponsored the 10-year loan, which closed July 18.

In Seattle, MetLife Investment Management lent $63 million on Legacy at Pratt Park Apartments, a mid-rise community in the Central District. A joint venture between real estate investment firm Rockwood Capital, New York, and Security Properties, Seattle, acquired the property in June for $91 million. MetLife Real Estate Investors Commercial Mortgage Production Associate Chris Rothering originated the five-year loan.

Built in 2009, Legacy at Pratt Park at 1800 S. Jackson Street has 248 rental apartments averaging 785 square feet; the property occupies the full block and was 93 percent leased at sale closing. Legacy at Pratt Park also includes 6,700 square feet of fully leased ground floor retail space.

In Midtown Manhattan, MetLife provided a $140 million loan to Marx Realty, New York, for the 438,000-square-foot 10 Grand Central office building. Marx uses the 1931-vintage building as its headquarters.

Steve Kohn, Adam Doneger, Mark Ehlinger and Noble Carpenter from Cushman & Wakefield arranged the 10-year interest-only loan, which priced at 3.99 percent.