Insurance provider MetLife (NYSE: MET ) and financial services firm SunTrust Banks (NYSE: STI ) announced Monday that SunTrust Banks will be financing MetLife Real Estate Investors' commercial real estate mortgages. The structure of the new agreement is spread over three years and will include a possible $5 billion total investment from SunTrust.
MetLife had $43.1 billion in commercial mortgages outstanding as of the end of 2012, and $9.6 billion in commercial mortgage loan originations during the same year. This, along with more than 100 years of experience in real estate investing, makes the company one of the largest portfolio lenders in the industry.
In a statement, SunTrust executive vice president and head of Commercial Real Estate Walt Mercer said MetLife's reputation as a "proven and well-respected real estate investment leader" would be beneficial to the financial services company "as the commercial real estate market continues to regain its footing."