Macerich Leverages SoCal Mall To Raise $200M

Law360, New York (November 7, 2011, 5:14 PM EST) -- 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...
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