METLIFE LEADS GROUP OF INSURERS PROVIDING $1 BILLION, 12-YEAR FIXED-RATE LOAN TO REFINANCE LUXURY MALL IN SHORT HILLS, N.J.
New York, September 30, 2015
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.
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.