Prudential Finances Arrowhead Towne Center to the Tune of $230 Million

GLENDALE, AZ-Macerich Co. received financing to the tune of $230 million for its 1.2-million-square-foot Arrowhead Towne Center. Prudential Mortgage Capital Co., headquartered in Newark, NJ closed the seven-year, fixed-rate loan. 

Director at Prudential Financial Elizabeth  Velazquez, who works out of the company’s San Fransisco office and who arranged for the financing, declined to disclose the interest rate of the loan or what purpose it would serve. She did tell GlobeSt.com, via e-mail, that the deal was attractive to Prudential because of strong sponsorship (Macerich has a dominant presence in the market), extensive trade area and lack of direct competition to the mall at 7700 W. Arrowhead Towne Center. 

Arrowhead Towne Center is a regional mall, representing one of the few large-scale shopping malls in the region (and the only one on the northwest side). The mall is anchored by national tenants such as Macy’s, JCPenney, Sears, Dillard’s and Dick’s Sporting Goods. Last summer, Macerich, in Santa Monica, CA, bought out General Growth Properties’ one-third share of the asset and now owns it 100% outright. 

Scott Kingsmore, senior vice president of finance for the Macerich Company said in a statement, “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.”