WHIPPANY, N.J.--(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.
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.