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Debt & Equity

MetLife closes $400M loan for Freehold Raceway Mall in New Jersey

MetLife Investment Management and TH Real Estate have funded $400 million loan for the Freehold Raceway Mall in Monmouth County, NJ.

The mall is situated on 200-acres at the intersection of US Route 9 and New Jersey Routes 33 and 537, in Monmouth County. The property is a super regional mall with five anchor tenants and 879,665 s/f of retail space consisting of in-line, lifestyle, big box, and a multiplex theatre.

Ed Bednarski originated the loan for sponsor Freemall Associates, LLC (Macerich & Heitman). The loan has a term of 12 years.

In 2011, MetLife provided a seven-year, $233 million, fixed-rate loan to Macerich for the 1.6-million-square-foots hopping center, which it now co-owns with Heitman.

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