Macerich Leverages SoCal Mall To Raise $200M

Law360, New York (November 07, 2011, 5:14 PM ET) -- Mall-focused investment trust The Macerich Co. has borrowed $200 million from units of Prudential Financial Inc. and The Northwestern Mutual Life Insurance Co., financing secured by its high-performing, 1.3-million-square-foot Los Cerritos Center in California, Prudential said Monday.

The lenders, Newark, N.J.-based Prudential Mortgage Capital Co. and Milwaukee, Wis.-based Northwestern Mutual Real Estate Investments LLC, ponied up $100 million each, Prudential said.

Santa Monica, Calif.-based Macerich's reasons for taking out the seven-year, fixed-rate, first mortgage loan were not explicitly stated, and requests for comment were not immediately...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers