Prudential Mortgage Capital Co. and Northwestern Mutual teamed up to provide a $285 million loan made to Douglas Emmett Inc. for Warner Center Towers, a 1.9 million sq.-ft. office campus near Los Angeles. Each lender is providing $142.5 million.
The seven-year, fixed-rate financing is a new loan for Warner Center, which is situated on 21.1 acres in Woodland Hills, Calif., and consists of five office towers, a gym and a restaurant.
“The high profile of the property in the Warner Center development and its easy access to major transportation hubs, all spoke to the strength of this transaction,” Andrei Gog, an associate with Prudential Mortgage Capital, said in a statement. “Following completion of a $355 million transaction on a one million square-foot portfolio for the company in 2011, Prudential Mortgage Capital Co. is pleased to continue its lending relationship with Douglas Emmett,” added Frederick van Overbeek, a principal with Prudential Mortgage Capital Company’s San Francisco office who, together with Gog, led the transaction.
“This is a premier office property with a diverse tenant roster and Douglas Emmett’s exceptional sponsorship – the kind of deal that makes a lot of sense for our long-term portfolio,” Joe Mancinelli, who led the team for Northwestern Mutual Real Estate Investments, said in a statement.
William Kamer, Chief Investment Officer of Douglas Emmett, stated, "We are pleased that Northwestern Mutual and Prudential came together to provide this financing. They worked seamlessly as an effective team, resulting in a very smooth loan origination process, which we greatly appreciate."