MetLife Investment Management takes 72% stake in $175.6m Washington conversion
Kennedy Wilson Capital led the financing alongside four insurance participants.
MetLife Investment Management has taken control of most of the equity in the 1990 K Street NW redevelopment, with a MetLife-managed entity acquiring a 72 percent stake as the project also secured $175.6m of construction financing on Thursday. The transaction puts insurer-affiliated capital on both sides of the capital stack, with MetLife-managed equity alongside insurance participants in the construction loan.
A partnership of Stonebridge, the Bernstein Companies and Criterion Real Estate Capital sold the stake for $58.7m. The redevelopment is at 1990 K Street NW.
Kennedy Wilson Capital led the financing, with U.S. Fire Insurance, North River Insurance, Odyssey Reinsurance and Allied World Assurance also participating. That lender line-up places multiple insurance balance sheets into the debt package backing the Washington office-to-residential conversion.
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