Unibail-Rodamco-Westfield (URW) has secured a $925M loan for the 1.4M SF Westfield Century City shopping center in Los Angeles.
Morgan Stanley is providing a two-year, floating rate CMBS loan in a deal slated to close before end of the month, providing new financing for the outdoor mall, which is located at 10250 Santa Monica Boulevard.
According to a statement from URW, the loan has an option for three one-year extensions with a spread of 280.7 bps over SOFR. The mall, which is 100% owned by URW, is 95.4% leased. The statement said Westwood Century City was appraised at a value of $1.94B in May by Newmark Valuation & Advisory.
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