Oct. 4, 2013
/PRNewswire/ -- Northwestern Mutual, Prudential Mortgage Capital Company, and TIAA-CREF announced today that each provided
for a total of
in financing for 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
"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
, 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."
is one of the most successful regional malls in the country. Its location in a dense and affluent suburb of metropolitan
, 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
, a director with Prudential Mortgage Capital Company's
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 believe opportunities to work with experienced property owners on high-quality properties in key geographies, like
, are attractive for our investors over the long term," said
, a managing director of Commercial Mortgage Investments with TIAA-CREF. "This financing supports both our diversified real estate portfolio and the future success of
, 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."
The 10.3-year loan with a 4.10 percent interest rate refinances Tysons Corner Center, located at the heavily traveled intersection of Chain Bridge Route 123 and the Capital Beltway/I-495. Not included in the collateral, but key to the property's investment appeal, a 22-story class-A office tower, a 429-unit, 30-story apartment tower and a 17-story hotel are currently being developed on the property that will each be connected by a 55,000 square-foot pedestrian plaza, which will also link to a newly constructed mall entrance and a newly developed Metrorail station and bus station that is expected to deliver more than 5,000 passengers per day to Tysons Corner Center.