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Last Updated ( Wednesday, 09 October 2013 14:10 )
DATE_FORMAT_LC2=Monday,October 07 2013 12:00:00 am EDT   
Tysons Corner Center Receives $850 Million in Refinancing

TysonsCornerNLTysons Corner, Va. — Northwestern Mutual, Prudential Mortgage Capital Co. and TIAA-CREF have each provided $283.3 million for a total of nearly $850 million in refinancing for Tysons Corner Center, a 1.9 million-square-foot super regional mall in Tysons Corner. The mall is considered one of the most successful malls in the country.

"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," says Tom Zale, a managing director with Northwestern Mutual Real Estate Investments LLC. "This type of transaction enhances our dividend-paying capacity for policy owners while supporting economic growth in the communities in which we do business."

Tysons Corner Center is located at the dense intersection of Chain Bridge Route 123 and Capital Beltway/I-495. The 10.3-year loan carries a 4.1 percent interest rate.

Not included in the collateral, but key to the property's investment appeal, are a 22-story, Class A office tower; 429-unit, 30-story apartment building; and a 17-story hotel that are currently being developed on the property. They will each be connected by a 55,000-square-foot pedestrian plaza, which will link to a newly constructed mall entrance and a recently developed Metrorail station.

"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," says Elizabeth Velazquez, a director with Prudential Mortgage Capital Co.'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."

Northwestern Mutual is a real estate investor with investments in commercial mortgages, equities and securitized investments across all major property types. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, based in Milwaukee.

Newark, N.J.-based Prudential Mortgage Capital Co. is a national commercial and multifamily mortgage finance business with more than $74 billion in assets under management as of June 30.

TIAA-CREF, based in New York, is a national financial services organization with $523 billion in assets under management as of June 30.


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