Deutsche Bank has provided $321m in financing to Beacon Capital Partners for a stake in MetLife’s 575 Fifth Avenue.
The financing consists of a $271m senior loan and two $37.3m and $12.6m subordinate loans, city property records show.
A MetLife spokesperson confirmed that the Beacon Capital Partners bought a 50 percent stake in the 35-story office skyscraper, but he declined to specify the sale price.
Beacon Capital Partners has completed more than 90 real estate investments with a projected total cost of approximately $29bn, and dispositions of investments valued at nearly $14bn.
Late last year the company paid an undisclosed sum for a minority stake in MetLife’s 1.1m sq ft office tower at 85 Broad Street.
MetLife holds more than $900bn in total assets. The company last year committed to invest approximately $1.7bn in real estate equity and originated approximately $12.1bn globally in commercial real estate loans in 2014, a five percent increase over the $11.5bn originated in the previous year.
Federal regulators are said to be considering the inclusion of MetLife and a list of other insurers as “systemically important” financial institutions, a designation which would require additional reserve capital as a cushion against unexpected losses.
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