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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.