A group of insurers including Metlife, New York Life Insurance and Pacific Life Insurance are behind a $1bn loan to refinance Taubman Centers’ Short Hills shopping centre in New Jersey.
The 12-year, 3.48% loan was used to repay a $540m loan with a 5.47% interest rate.
The shopping centre comprises 1.4m sq ft of space and features luxury stores such as Prada and Tiffany. It has an occupancy rate of 96%.
