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MILWAUKEE, Nov. 12, 2014 /PRNewswire/ -- Northwestern Mutual has funded $250 million of a $500 million mortgage loan refinance on International Place, located at Boston's Downtown Waterfront at the gateway to the city's historic Financial District.
International Place consists of two interconnected office buildings standing 46 stories and 35 stories, with a combined 1.84 million square feet.
Northwestern Mutual provided the loan to a joint venture between The Chiofaro Company and an institutional partner.
"International Place is an iconic office property that has a dominant presence within Boston's financial district," noted Peter Jahn, 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. "Boston is a dynamic city where it makes sense for us to invest on behalf of our policyowners."
Jahn added that an essential ingredient in maintaining Northwestern Mutual's financial strength and ability to deliver value to policyowners is the performance of the company's $184 billion general account investment portfolio, whose assets back the company's insurance and annuity products.
The investment earnings generated by this portfolio produce capital that helps build the company's strong financial base. They are also the primary determinant of the interest component of the dividend scale for traditional permanent life insurance policies.
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.
About Northwestern Mutual
Northwestern Mutual, as a part of its diversified investing on behalf of its policyowners, is one of the nation's largest real estate investors, with investments in commercial mortgages, equities and securitized investments across all major property types. Our seasoned real estate professionals build lasting relationships and trusted partnerships through an unwavering commitment to our clients, delivering creative solutions to complex transactions across the country. More information about Northwestern Mutual's real estate investing can be found at http://www.northwesternmutualrealestate.com.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI, and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; Northwestern Long Term Care Insurance Company; and Russell Investments.
SOURCE Northwestern Mutual