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Oct. 4, 2013 /PRNewswire/ -- Northwestern Mutual, Prudential Mortgage Capital Company, and TIAA-CREF announced today that each provided
$283.3 million for a total of
$850 million 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
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."
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 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
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."
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.