Northwestern Mutual Provides $142.5 Million in Financing to Douglas Emmett, Inc. for Warner Center Towers
MILWAUKEE, Aug. 21, 2012 /PRNewswire/ -- The Northwestern Mutual Life Insurance Company (Northwestern Mutual) is providing half of a $285 million loan to Douglas Emmett, Inc. (NYSE: DEI) for Warner Center Towers, a 1.9 million square-foot office campus near Los Angeles. Prudential Mortgage Capital Company has provided the other $142.5 million.
The seven-year, fixed-rate financing is a new loan for Warner Center, which is situated on 21.1 acres in Woodland Hills, Calif., and consists of five office towers, a well-known gym and a restaurant.
"This is a premier office property with a diverse tenant roster and Douglas Emmett's exceptional sponsorship – the kind of deal that makes a lot of sense for our long-term portfolio," noted Joe Mancinelli, who led the team for Northwestern Mutual Real Estate Investments, LLC, the wholly owned subsidiary and authorized representative of Northwestern Mutual for the management of Northwestern Mutual's real estate portfolio.
"The high profile of the property in the Warner Center development and its easy access to major transportation hubs all spoke to the strength of this transaction," said Andrei Gog, a junior associate with Prudential Mortgage Capital Company.
Located near a park-like setting with a landscaped plaza, fountains and panoramic views of the Santa Monica Mountains and San Fernando Valley, Warner Center Towers is the largest office complex in the San Fernando Valley. It has access to the 101 freeway and a major metro transit spot with close proximity to two shopping malls.
William Kamer, Chief Investment Officer of Douglas Emmett, stated, "We are pleased that Northwestern Mutual and Prudential came together to provide this financing. They worked seamlessly as an effective team, resulting in a very smooth loan origination process, which we greatly appreciate."
About Northwestern Mutual
Northwestern Mutual, as a part of the Company's diversified portfolio efforts, is one of the nation's largest real estate investors, with investments in commercial mortgages, equities and securitized investments across all major property types. Our seasoned real estate professionals build lasting relationships and trusted partnerships through an unwavering commitment to our clients, delivering creative solutions to complex transactions across the country. More information about Northwestern Mutual's real estate investing can be found at http://www.northwesternmutualrealestate.com.
The Northwestern Mutual Life Insurance Company – Milwaukee, WI (Northwestern Mutual) – among the "World's Most Admired" life insurance companies in 2012 according to FORTUNE® magazine – has helped clients achieve financial security for more than 155 years. As a mutual company with $1.2 trillion of life insurance protection in force, Northwestern Mutual has no shareholders. The company focuses solely and directly on its clients and seeks to deliver consistent and dependable value to them over time. Northwestern Mutual and its subsidiaries offer a holistic approach to financial security solutions including: life insurance, long-term care insurance, disability insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; and Northwestern Long Term Care Insurance Company; and Russell Investments.
SOURCE Northwestern Mutual
More by this Source
Northwestern Mutual Named as a Best Place to Work in IT for Eighth Consecutive Year
Jun 17, 2013, 09:30 ET
Northwestern Mutual Named Top Ten Largest Independent Broker-Dealer
Jun 13, 2013, 09:00 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.