Macerich Secures $200M Mortgage on California Mall
Nov 7, 2011 4:53 PM, Staff Reports
The Macerich Co. secured a $200 million first mortgage from Prudential Mortgage Capital Co. and Northwestern Mutual Real Estate Investments for Los Cerritos Center, a 1.3-million-sq.-ft. regional mall in Cerritos, Calif.
The fixed-rate loan features a seven-year term. Prudential Mortgage Capital, the commercial mortgage lending business of Prudential Financial Inc., and Northwestern Mutual Real Estate each provided $100 million for the transaction. Frederick van Overbeek, principal, and Elizabeth Velazquez, director with Prudential Mortgage Capital, arranged the deal.
Los Cerritos Center has more than 100 in-line stores. Nordstrom, Sears and Macy’s anchor the property. The center serves a trade area containing 1.2 million people.
“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,” Velazquez said in a statement. “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.”
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