Northwestern Mutual has provided a $92m loan to A&B Properties for the refinancing of the Pearl Highlands Center in Honolulu, Hawaii.
The 10-year fixed rate loan carries a 4.2% interest rate.
A&B Properties, a subsidiary of Alexander & Baldwin, purchased the 415,000 sq ft retail center in Pearl City, Oahu for $141.5m in May of 2013. The sale price included the assumption of a previous $59.3m mortgage from Northwestern Mutual.
The shopping center, located 12 miles west of downtown Honolulu, is anchored by Sam’s Club, Regal Cinemas, Ross Dress for Less, 24 Hour Fitness and Buffalo Wild Wings.
Among other recent deals, Northwestern Mutual, along with New York Life Real Estate Investors, provided a $500m loan last month to The Chiofaro Company to refinance International Place, which is Boston, Massachusetts’ largest office complex.
A&B owns over 88,000 acres of land throughout Hawaii.