Milwaukee-based Northwestern Mutual Life Insurance Company Inc. is providing half of a $285 million loan to Douglas Emmett Inc. for Warner Center Towers, a 1.9 million square-foot office campus near Los Angeles.
Prudential Mortgage Capital Company is providing 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.
“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,” said Joe Mancinelli, who led the team for Northwestern Mutual Real Estate Investments LLC, the wholly owned subsidiary and authorized representative of Northwestern Mutual’s real estate portfolio.
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, said, “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.”