Prudential Mortgage Capital Company, Northwestern Mutual Close $200M in Financing for The Macerich Company

Prudential Mortgage Capital Company joined Northwestern Mutual Real Estate Investments to provide a $200 million loan for The Macerich Company, a Santa Monica, Calif.-based real estate investment trust, the company announced today. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU). Northwestern Mutual Real Estate Investments, LLC provides both equity and commercial mortgage investments on behalf of The Northwestern Mutual Life Insurance Company.

The seven-year, fixed rate, first mortgage loan is secured by Los Cerritos Center, a 1.3 million square-foot regional mall located in Cerritos, Calif. The property is anchored by Nordstrom, Sears and Macy's and consists of more than 100 in-line stores. Prudential Mortgage Capital Company and Northwestern Mutual each provided $100 million toward the total financing package.

Frederick van Overbeek, principal, and Elizabeth Velazquez, director, with Prudential Mortgage Capital Company's San Francisco office, arranged the financing. “The strength of The Macerich Company and this property's high quality, as well as the region's great demographics, attracted us to this transaction... Cerritos is a strong retail area serving a highly dense trade population of 1.2 million residents and 340,000 households,” Velazquez said. “We are proud to continue our longstanding relationship with The Macerich Company and look forward to providing them with outstanding service throughout the term of this loan.”