MetLife, New York Life Insurance Company and Pacific Life Insurance Company have jointly provided a $1bn, 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.
The Mall is owned by Taubman Centers of Bloomfield Hills, Michigan.
MetLife is the lead lender for the transaction, with each insurer taking one-third of the $1bn loan. The collateral for the loan is the 1.4m square-feet enclosed mall, which has major retailers that include 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.
Taubman has a portfolio of 19 urban and suburban shopping centres in the US and the Caribbean.