Prudential Mortgage Capital Company, Northwestern Mutual and TIAA-CREF today announced that they each provided $283.3 million, for a total $850 million, to finance Tysons Corner Center. The 1.9 million square-foot super regional mall in Tysons Corner, Va. is considered one of the most successful malls in the United States.
“Tysons Corner is one of the most successful regional malls in the country. Its location in a dense and affluent suburb of metropolitan Washington, D.C., combined with a pending addition of more than 1.3 million square feet of mixed-use development, which, though not covered by the loan, made this an extremely attractive transaction for us,” said Elizabeth Velazquez, a director with Prudential Mortgage Capital Company’s San Francisco office who led the transaction. “We are also proud to continue our longstanding relationship with The Macerich Company, whose experience as a mall operator also contributed to our decision.”
“We are thrilled to have made a mortgage loan investment in Tysons Corner Center given the quality of the asset and strong sponsorship. The Macerich Company has once again demonstrated an ability to take a great asset and position it for future sales growth and value creation,” said Tom Zale, a managing director with Northwestern Mutual Real Estate Investments, LLC. “This type of transaction enhances our dividend-paying capacity for policyowners while supporting economic growth in the communities in which we do business.”
“We believe opportunities to work with experienced property owners on high-quality properties in key geographies, like Tysons Corner, are attractive for our investors over the long term,” said Rick Coppola, a managing director of Commercial Mortgage Investments with TIAA-CREF. “This financing supports both our diversified real estate portfolio and the future success of Tysons Corner.”
Scott Kingsmore, senior vice president of finance for The Macerich Company said, “This was a large, fast-moving, highly complex and heavily negotiated financing with three co-lenders who delivered the closing in less than 30 days, and with whom Macerich has longstanding relationships.”