MEMPHIS, Tenn., November 6, 2006 – The MetLife Timberland Finance Group, a division of MetLife, Inc.’s Agricultural Investments unit, announced today that it has placed a long-term, first mortgage loan secured by approximately 2.6 million acres of timberland and timber across the Southeastern United States. The borrower is Red Mountain Timberlands, LLC, whose assets are managed by Resource Management Service, LLC of Birmingham, Ala.
W. Kirk Purvis of MetLife’s Timberland Finance Group, based in Memphis, Tenn., led the transaction team.
"This historic timber transaction delivers on our promise to uniquely structure complex deals to meet specific client needs," stated S. Peter Headley, director and head of MetLife’s Timberland Finance Group.
MetLife Agricultural Investments has a team of loan officers with an average of 16 years experience in agricultural, agribusiness and timberland financing. In addition to the Timberland Finance Group in Memphis, the unit has an Agribusiness Finance Group headquartered in Overland Park, Kan., and regional offices in Fresno, Calif., West Des Moines, Iowa, Bloomington, Ill., Richmond, Ind., Overland Park, Kan. and Toronto, serving the Canadian marketplace.
"MetLife’s in-depth market knowledge, certainty of execution and world-class customer service are just some of the qualities that make us a leader in this marketplace," said Robert Merck, managing director and head of Agricultural Investments for MetLife. "This is the type of opportunity that rarely presents itself and we are delighted to be the leader of such a significant and noteworthy mortgage transaction."
"We’re extremely pleased with the financing package developed and implemented by Kirk’s team," said Craig Blair, director of Investment Management at Resource Management Service (RMS). "The size and complexity of this transaction required a customized structure that fit the characteristics of the timberlands while accommodating the specific requirements of this sale. It was clear to us that MetLife was uniquely qualified to meet our financing needs and would be a solid long-term business partner."
About Resource Management Service, LLC
Founded in 1950, RMS is an independent timberland investment management firm managing forest investments throughout the US South on behalf of pension funds, endowments, foundations and high net worth investors. With current assets under management of approximately $3.3 billion, RMS is one of the largest forestland investment managers in the world. RMS is based in Birmingham, Alabama, with field offices located across the South. www.resourcemgt.com
About MetLife Agricultural Investments
MetLife Agricultural Investments and its Timberland Finance Group ranks among the most active private agricultural, agribusiness and timberland mortgage lenders in North America, with a total agricultural mortgage portfolio of approximately $8 billion*. MetLife Agricultural Investments specializes in providing long-term mortgage financing and real estate-based revolvers throughout the United States and Canada. For more information, please visit www.metlife.com/timber.
About MetLife, Inc.
MetLife, Inc. (NYSE: MET) is a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement & savings products and services to corporations and other institutions. For more information, please visit www.metlife.com.
*As of September 30, 2006
