MetLife Investment Management and Northwestern Mutual Provide $450 Million Loan on Retail Center in Walnut Creek, California
July 16 2018 - 4:46PM
Business Wire
MetLife Investment Management, MetLife Inc.’s (NYSE:MET)
institutional asset management platform, and Northwestern Mutual
have made a $450 million, 12-year fixed rate loan secured by
Broadway Plaza, an open-air lifestyle retail center in Walnut
Creek, California.
Broadway Plaza, a 958,000 square foot retail hub anchored by
Nordstrom, Neiman Marcus and Macy’s, is 98 percent leased with
sizeable new additions under development. The center is in close
proximity to some of the most affluent neighborhoods in the San
Francisco Bay Area.
“We’re pleased to partner with Northwestern Mutual on this major
commercial mortgage for a property that boasts a demonstrated
history of strong tenant sales and occupancy,” said Robert Merck,
senior managing director and global head of real state and
agriculture, MetLife Investment Management.
The loan, which was made to a joint venture between The Macerich
Company and Northwestern Mutual, follows a significant
redevelopment of the property.
About MetLife Investment
Management
MetLife Investment Management, MetLife, Inc.’s institutional
asset management platform, provides institutional investors
including corporate and government pension plans, insurance
companies and other financial institutions with long-term public
and private investment and financing solutions. With operations in
the Americas, Asia and the Europe, Middle East & Africa (EMEA)
regions, MetLife Investment Management manages assets for
third-party institutional investors, separate accounts and MetLife,
Inc.’s general account. MetLife Investment Management leverages a
disciplined credit research and underwriting process to provide
institutional investors with asset origination and acquisition
opportunities and proprietary risk management analytics across
traditional fixed income strategies, commercial real estate debt
and equity investing, agricultural financing, and private
placements, among others. For more information, visit
www.metlife.com/investments.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 countries and holds
leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information,
visit www.metlife.com.
About Northwestern Mutual
Northwestern Mutual, a Fortune 100 financial security company
and one of the largest real estate investors in the nation, invests
in commercial mortgages and equity investments across all major
property types, including apartments, office, retail and
industrial. Its $43+ billion real estate investment portfolio is
composed of approximately 80 percent fixed income and 20 percent
equity investments. Northwestern Mutual Real Estate is a financing
source that provides experienced and knowledgeable people, quick
and decisive action and flexible, creative solutions.
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MetLife Investment ManagementJames Murphy, 973-355-4673
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