MetLife Leads Group of Insurers Providing $1 Billion, 12-Year Fixed-Rate Loan to Refinance Luxury Mall in Short Hills, N.J.
September 30 2015 - 9:00AM
Business Wire
MetLife, Inc. (NYSE:MET) announced today that it, along with New
York Life Insurance and Pacific Life, has provided a $1 billion,
12-year fixed rate loan to refinance an existing mortgage on The
Mall at Short Hills, a major luxury shopping complex in northern
New Jersey owned by Taubman.
MetLife is the lead lender in this transaction, with each
insurer taking one-third of the $1 billion loan. The collateral for
the loan is the 1.4 million-square-foot enclosed mall, which has
major retailers including Bloomingdale’s, Macy’s, Neiman Marcus,
Nordstrom and Saks Fifth Avenue.
“MetLife has a strong relationship with Taubman and a long
involvement in financing The Mall at Short Hills, one of the most
successful regional malls in the country,” said Robert Merck,
senior managing director and global head of real estate for
MetLife. “We also welcome the opportunity to work with New York
Life Insurance and Pacific Life as partners on this major
commercial mortgage.”
Taubman has a portfolio of 19 urban and suburban shopping
centers across the United States and the Caribbean.
Real estate investments, including commercial mortgage loans,
are an important part of MetLife’s asset-liability matching
program. These long-term investments are designed to provide a good
match for the long-term liabilities the company writes.
About MetLife
MetLife, Inc. (NYSE:MET), through its subsidiaries and
affiliates (“MetLife”), is one of the largest life insurance
companies in the world. Founded in 1868, MetLife is a global
provider of life insurance, annuities, employee benefits and asset
management. Serving approximately 100 million customers, MetLife
has operations in nearly 50 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150930005177/en/
MetLifeFred Pieretti, 212-578-2631fpieretti@metlife.com
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