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Tuesday, 13 August 2019

UDR, MetLife Apartment Venture Recapitalizing 15 Properties

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Commercial Real Estate Direct Staff Report

UDR Inc. and MetLife Investment Management, which have jointly owned apartment properties since 2010, have agreed to recapitalize 15 of the 28 properties they own by swapping interests in them.

UDR is buying the 50 percent stake held by MetLife in 10 properties with 3,321 units in California, Maryland, Massachusetts, Texas and Virginia, while MetLife is buying UDR's 50 percent stake in five properties with 1,001 units in California, Colorado, Texas and Washington. The two deals value the 15 properties at $1.75 billion. The UDR properties were valued at $1.1 billion, while the MetLife properties were valued at $645 million.

The deals, which include the assumption of existing debt, are expected to close in the fourth quarter. After that, the two companies will continue to jointly own 13 properties with 2,837 units in California, Boston, New York City and Philadelphia.

UDR, a Highlands Ranch, Colo., REIT, began its partnership with MetLife in 2010 when it acquired a 12.27 percent stake in 26 properties and 4.14 percent interest in 11 land parcels from a partner...


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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Multifamily
  • Subject: Institutional Investment (INS), Mortgages/Financing (MOR)
  • Company: Metropolitan Life Insurance Co., United Dominion Realty Trust
  • Private: Yes
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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