Prudential Mortgage Capital Company completes $230 million financing for The Macerich Company for Arrowhead Towne Center

Prudential Mortgage Capital Company closed a $230 million loan for The Macerich Company, a Santa Monica, Calif.-based real estate investment trust. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

The seven-year, fixed-rate first mortgage loan is secured by Arrowhead Towne Center, a 1.2 million-square-foot super regional mall located in Glendale, Ariz. The property, anchored by Macy’s, J.C. Penney, Sears, Dillard’s, Dick’s Sporting Goods, and Forever 21, consists of more than 150 in-line stores.

"The location demographics, absence of direct competition and strong operating performance of this property made this a desirable transaction for Prudential Mortgage Capital Company,” said Elizabeth Velazquez, director with Prudential Mortgage Capital Company’s San Francisco office, who arranged the financing. "Macerich’s significant experience and expertise in owning, operating and redeveloping regional malls, coupled with their dominant market presence in the Phoenix retail marketplace, was clearly one of the key strengths of this transaction.”

Scott Kingsmore, senior vice president of finance for The Macerich Company said, "Arrowhead Towne Center is a great fit with our long-term strategy. Unlike many other portions of the Phoenix Valley, where there is a relatively tight clustering of regional shopping malls, Arrowhead Towne Center serves an extensive trade area and is the dominant player in the Northwest quadrant of the Phoenix Valley. Prudential Mortgage Capital Company’s excellent service helped make this transaction a reality.”

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $ 69.5 billion in assets under management and administration as of September 30, 2011. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $66.9 billion, as of September 30, 2011. For more information, please visit http://www.prumortgagecapital.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $871 billion of assets under management as of September 30, 2011, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.