METLIFE INVESTMENT MANAGEMENT REACHES $2.9 BILLION OF GLOBAL AGRICULTURAL MORTGAGE PRODUCTION FOR 2017 WHIPPANY, N.J., April 02, 2018 MetLife Investment Management ( MIM ), MetLife, Inc.'s (NYSE: MET) institutional asset management platform, announced today that it originated $2.9 billion in global agricultural loans in 2017. The strong investment activity pushed MIM's total agricultural mortgage loans managed to a record level of more than $15.3 billion, ranking the firm as the largest non-government sponsored, agricultural mortgage lender in the United States1.Last year our agricultural finance group continued its success in expanding our portfolio of high quality agricultural loans, said Robert Merck, senior managing director and global head of real estate and agriculture at MetLife Investment Management. 2017 presented the industry with a few challenges, including natural disasters and relatively low commodity prices. Despite these hurdles, our platform continues to be an important and reliable source of agricultural credit to rural America and key emerging markets internationally.
MIM originated $2.9 billion in global agricultural loans across more than 400 transactions, contributing to a 4.7% year-over-year increase in agricultural mortgage loans managed.
I am very proud of what our team accomplished last year, said Barry Bogseth, managing director and head of MIM's agricultural finance group. In 2018, I expect to continue our success in the sector, strengthening the strong local relationships we've created with clients during our 100-plus years of agricultural lending.
Highlights of MIM's agricultural lending transactions for 2017 include:
Danzer Forestland, Inc.
$8.5 million interest-only financing fixed for 15 years
Secured by 30,000 acres of hardwood forestland in New York and Indiana
Borrower is a subsidiary of the largest veneer manufacturer in the world, Austria-based Danzer Holding AG
Tim Neufeld and Redsand Farms, LLC
$10.3 million combined term and revolving line-of-credit facility
Secured by 11,000 acres of farmland in Gaines County, Texas, the leading cotton-producing county in the state
Security is used to grow cotton and is managed by an experienced farming family
Kona Hills, LLC
$19 million multi-disbursement, revolving line-of-credit facility with a 10-year term
Secured by 1,893 acres of prime coffee-growing land within the Kona Coffee Belt of Hawaii's Big Island
The land will be developed into a Kona coffee plantation, managed by an experienced investment and operations team
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 ( MIM ), MetLife, Inc.'s institutional asset management platform, 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. With operations in the Americas, Asia and the Europe, Middle East & Africa (EMEA) regions, MetLife Investment Management manages assets for third-party institutional investors, separate accounts and MetLife, Inc.'s general account. 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 traditional fixed income strategies, commercial real estate debt and equity investing, agricultural financing and private placements, among others. For more information, visit www.metlife.com/investments.
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.
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