New loan replaces 2015 financing as Greater Los Angeles retail sector faces headwinds
MetLife Inc. has provided a $52 million refinancing loan for The Promenade at Westlake, a 104,500-square-foot retail center located at 30770 Russell Ranch Road in Westlake Village, California. The transaction, completed in early June 2025, represents a modest increase from the $50 million loan it replaced, which originally dated back to 2015, according to a report in Traded.
The refinancing comes at a challenging time for the Greater Los Angeles retail market, which is experiencing softening fundamentals characterized by increasing vacancy rates, declining rents, and weakened tenant demand as of early 2025. Despite these market headwinds, MetLife’s willingness to provide new financing suggests continued confidence in the specific asset and location.
Michel A. Khalaf of MetLife Inc. served as the lender for the transaction, while Daniel Selleck of Selleck Development Group represented the property owner, the report added.
The Promenade at Westlake’s refinancing stands out against the broader retail landscape, where many properties are struggling with occupancy and rental income challenges.
Westlake Village, located in the western portion of Los Angeles County, has historically maintained a more stable retail environment compared to other areas of Greater Los Angeles. The community’s affluent demographics and established consumer base may have contributed to the property’s financing success.
The transaction highlights the ongoing challenges facing retail real estate investors and lenders as they navigate a market marked by changing consumer shopping patterns and economic uncertainty. While some retail properties continue to attract institutional financing, the broader sector remains under pressure from structural shifts in the retail industry.
For MetLife, the loan represents continued investment in commercial real estate despite market volatility. The insurance giant has maintained an active presence in commercial real estate lending, though it has become increasingly selective about assets and markets.
The successful refinancing of The Promenade at Westlake may serve as a benchmark for other retail properties seeking to refinance maturing debt in the current market environment, demonstrating that well-located assets with strong fundamentals can still access capital despite broader sector challenges.
