MetLife, Northwestern Mutual Provide $450 Million Loan for Broadway Plaza in California

Walnut Creek, Calif. — MetLife Investment Management and Northwestern Mutual have provided a $450 million, fixed-rate loan for Broadway Plaza, a 958,000-square-foot, open-air retail center in Walnut Creek.

The 12-year loan was provided on behalf of the property owner, a joint venture between The Macerich Co. and Northwestern Mutual. Broadway Center, which originally opened in 1951, underwent a renovation in 2014 that more than doubled the shopping center space, adding more than 50 new retailers. The center is 98 percent leased and anchored by Nordstrom, Neiman Marcus and Macy’s. Additional tenants include Aldo, LUSH, Madewell, lululemon athletica, Nespresso, Zara, Kate Spade and Sephora, among others.