Milwaukee-based Northwestern Mutual Insurance Co. Inc. has funded $200 million of a $400 million loan refinance on Union Square in Seattle, Wash.
Union Square consists of One Union, a 36-story building containing 670,000 square feet and Two Union, a 56-story building containing 1.1 million square feet .
Northwestern Mutual provided the loan to Union Square LLC owned by Washington Real Estate Holdings and a major pension fund investor.
“Union Square is an iconic office property that is very well-positioned within Seattle’s financial district,” noted Kelly Havey, director, Northwestern Mutual Real Estate Investments LLC, the wholly owned subsidiary and authorized representative of Northwestern Mutual for the management of Northwestern Mutual’s real estate portfolio. “Seattle is a dynamic city where it makes sense for us to invest on behalf of our policyowners.”
Washington Real Estate Holdings, as the managing member of the ownership, handles both the leasing and management of Union Square.
The investment earnings generated by Northwestern Mutual’s real estate portfolio produce capital that helps build the company’s strong financial base.
As part of a well-diversified portfolio primarily invested in investment-grade bonds and other high-quality fixed-income instruments, Northwestern Mutual invests in commercial mortgage loans that it originates in the private market directly with owners of commercial real estate. The portfolio also includes commercial real estate equity investments primarily in apartment, warehouse and office properties.
The company’s real estate investments enhance its dividend-paying capacity while supporting economic growth in the communities in which it does business.
New York Life is providing the remaining half of the $400 million loan refinance.
