MetLife provides $170m financing on Manhattan apartments

MetLife has provided a $170 refinancing on the Bristol apartment building in the Sutton Place neighborhood in Manhattan. The loan consolidated existing debt that the life insurance company provided the borrower in 2010 with a new $108.2 million mortgage, property records show.

MetLife has provided a $170 refinancing on The Bristol apartment building in the Sutton Place neighborhood of Manhattan.

bris_001vThe life insurance company had provided previous financing to the borrower, Glenwood Management Company, in 2010, property records show. The 33-story, 369-unit rental apartment building, The Bristol at 300 East 56th Street, was built in 1975. Glenwood Management’s founder, Leonard Litwin, purchased the property in August 1967.

The lender also provided a $50 million loan on the Zeckendorf Towers in Manhattan’s Gramercy Park neighborhood this April. MetLife manages a total of $45.4 billion in commercial mortgage loans as of March 31, 2016, according to its latest quarterly report.

MetLife’s real estate investment group originated $14.3 billion in global commercial real estate loans in 2015, surpassing the previous year’s record high of $12.1 billion. The Mortgage Bankers Association identified MetLife with as the top annual life insurance originator in 2015.

Glenwood Management Company is a New York-based developer of high-end rental apartment buildings that Litwin founded in 1961. The private firm owns about two dozen residential buildings in Manhattan, including the Liberty Plaza 45-story apartment rental complex, the first new building to rise in Manhattan after the September 11 attacks.

MetLife declined to comment, while Glenwood was not immediately available.

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