Unibail-Rodamco-Westfield Secures $925M Loan To Refinance Westfield Century City Mall With Morgan Stanley

The Westfield Century City mall located at 10250 Santa Monica Boulevard in Century City, Los Angeles is set to secure a $925 million loan for refinancing. The mall spans a total area of 1,400,000 square feet and is owned by Unibail-Rodamco-Westfield (URW). The mall underwent a $1 billion renovation in 2017 and currently holds a value of approximately $1.35 billion with an impressive loan-to-value ratio of 68.5%. Morgan Stanley, a leading financial institution, will be providing the two-year, floating-rate loan.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $925,000,000
• Lender: Morgan Stanley
• Landlord: Unibail-Rodamco-Westfield (URW)
• Date: 08/29/2023
• Market: Century City, Los Angeles
• Asset Size: 1,400,000 square feet

The refinance deal for the Westfield Century City mall represents one of the largest CMBS (Commercial Mortgage-Backed Securities) transactions of the year. The loan, provided by Morgan Stanley, will enable URW to optimize its financial position and continue its operations in the mall. The deal is expected to close on August 29, marking a significant milestone for both parties involved.