The Macerich Co. secured a $200 million first mortgage from Prudential Mortgage Capital Co. and Northwestern Mutual Real Estatefor Los Cerritos Center, a 1.3-million-sq.-ft. regional mall in Cerritos, Calif.
The fixed-rate loan features a seven-year term. Prudential Mortgage Capital, the commercial mortgage lending business of Prudential Financial Inc., and Northwestern Mutual Real Estate each provided $100 million for the transaction. Frederick van Overbeek, principal, and Elizabeth Velazquez, director with Prudential Mortgage Capital, arranged the.
Los Cerritos Center has more than 100 in-line stores. Nordstrom, Sears and Macy’s anchor the property. The center serves a trade area containing 1.2 million.
“The strength of The Macerich Company and this’s high quality, as well as the region’s great demographics, attracted us to this transaction,” Velazquez said in a statement. “We are proud to continue our longstanding relationship with The Macerich Company and look forward to providing them with outstanding service throughout the term of this loan.”