{"id":1004035522,"date":"2011-12-08T08:16:51","date_gmt":"2011-12-08T16:16:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004034926"},"modified":"2022-12-08T18:37:44","modified_gmt":"2022-12-09T02:37:44","slug":"macerich-nabs-230m-loan-for-arrowhead-towne-center-in-arizona","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/macerich-nabs-230m-loan-for-arrowhead-towne-center-in-arizona\/","title":{"rendered":"Macerich Nabs $230M Loan for Arrowhead Towne Center in Arizona"},"content":{"rendered":"

December 8, 2011<\/strong>
\nBy Barbra Murray, Contributing Editor<\/em>
\n\"\"<\/a><\/p>\n

For the second time in one month, The Macerich Co. has completed a substantial financing deal with Prudential Mortgage Capital Co. The shopping center REIT recently got its hands on a $230 million loan secured by the 1.2 million-square-foot Arrowhead Towne Center in Glendale, Ariz.<\/p>\n

“The deal was attractive given the strong sponsorship of Macerich, lack of direct competition to the mall, extensive trade area, and high quality asset with strong operating fundamentals,” Elizabeth Velazquez, a director with Prudential, told Commercial Property Executive.<\/p>\n

The financing came in the form of a seven-year, fixed-rate first mortgage loan for the super-regional mall, which sits approximately 20 miles north of Phoenix. Macerich increased its ownership stake in the 18-year-old asset to 66.7 percent in June 2011, when it acquired General Growth Properties Inc.’s 33 percent interest.<\/p>\n

Prudential’s faith in Macerich and its portfolio is evidenced by the commercial mortgage lender’s willingness to dole out what amounts to nearly half a billion-dollars within the last four weeks. On November 7, Prudential announced that hit had partnered with Northwestern Mutual Real Estate Investments to provide Macerich with a $200 million loan collateralized by the REIT’s 1.3 million-square-foot Los Cerritos Center in Cerritos, Calif.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Macerich has completed a substantial financing deal with Prudential Mortgage Capital, getting a $230 million loan secured by the 1.2 million-square-foot Arrowhead Towne Center in Glendale, Ariz.<\/p>\n","protected":false},"author":1201,"featured_media":1004035015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21742,21749],"tags":[],"class_list":["post-1004035522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-latest","category-retail"],"acf":[],"yoast_head":"\nMacerich Nabs $230M Loan for Arrowhead Towne Center in Arizona - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/macerich-nabs-230m-loan-for-arrowhead-towne-center-in-arizona\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Macerich Nabs $230M Loan for Arrowhead Towne Center in Arizona\" \/>\n<meta property=\"og:description\" content=\"The Macerich has completed a substantial financing deal with Prudential Mortgage Capital, getting a $230 million loan secured by the 1.2 million-square-foot Arrowhead Towne Center in Glendale, Ariz.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/macerich-nabs-230m-loan-for-arrowhead-towne-center-in-arizona\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-12-08T16:16:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:37:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/120811-Macerich-Arrowhead-Towne-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"320\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/macerich-nabs-230m-loan-for-arrowhead-towne-center-in-arizona\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/macerich-nabs-230m-loan-for-arrowhead-towne-center-in-arizona\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Macerich Nabs $230M Loan for Arrowhead Towne Center in Arizona\",\"datePublished\":\"2011-12-08T16:16:51+00:00\",\"dateModified\":\"2022-12-09T02:37:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/macerich-nabs-230m-loan-for-arrowhead-towne-center-in-arizona\\\/\"},\"wordCount\":209,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/macerich-nabs-230m-loan-for-arrowhead-towne-center-in-arizona\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2011\\\/12\\\/120811-Macerich-Arrowhead-Towne-Center.jpg\",\"articleSection\":[\"Featured\",\"Finance\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/macerich-nabs-230m-loan-for-arrowhead-towne-center-in-arizona\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/macerich-nabs-230m-loan-for-arrowhead-towne-center-in-arizona\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/macerich-nabs-230m-loan-for-arrowhead-towne-center-in-arizona\\\/\",\"name\":\"Macerich Nabs $230M Loan for Arrowhead Towne Center in Arizona - 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