MetLife makes another big Uptown play with Ritz loan

A just completed deal by Metropolitan Life Insurance makes the insitutitonal real estate owner and lender the undisputed top investor in Dallas’ booming Uptown property market.

MetLife has just provided $78 million to refinance the 215-room Ritz-Carlton Hotel on McKinney Avenue, Dallas County records show. Fort Worth-based Crescent Real Estate which developed the luxury hotel obtained the financial from the New York-based insurance and financial services firm.

The 10-year-old hotel is considered one of Dallas’ top lodging venues. The financing does not include the 70 residential condominums located in the tower above the Ritz.

With the hotel financing, MetLife has upped the ante on its Uptown property portfolio.

Read more here on The Dallas Morning News