MetLife Lends $145M on Silicon Valley Shopping Center
The Chicago-based real estate firm Heitman landed a $145 million loan from MetLife on Pacific Commons, a massive retail property in Silicon Valley, Commercial Observer has learned.
The 12-year loan replaces existing debt on the 993,432-square-foot shopping center and carries a 46 percent loan-to-value ratio, according to a spokesman for the lender. The amount of the previous financing was not disclosed.
Heitman, a development and investment firm, acquired the property in 2013 from Catellus, a mixed-use land developer.
Retail tenants at the 840-acre shopping center include Costco, Lowe’s, Target, Dick’s Sporting Goods, Men’s Wearhouse, Toys “R” Us, and Nordstrom Rack, while food and beverage tenants include Applebee’s, Cold Stone Creamery, Five Guys and Krispy Kreme. The property also contains a movie theater run by Century Theatres.
Heitman has a $34.8 billion global portfolio of retail, office, multifamily, industrial, self-storage and specialty assets under management, according to the company’s website.
A representative for the sponsor did not respond to inquiries by time of publication.