CHICAGO — Chicago-based General Growth Properties (GGP) has refinanced four shopping centers, representing $966 million of new mortgages. The loans include:
– a $450 million loan at a 4.6 percent interest rate, due in 2019, for Natick Mall in Natick, Mass.
– a $200 million loan at a 5.05 percent interest rate, due in 2023, for Galleria at Tyler in Riverside, Calif.
– a $185 million loan at a 4.5 percent interest rate, due in 2019, for First Colony Mall in Sugar Land, Texas.
– a $131 million loan at a 4.25 percent interest rate, due in 2021, for Northbrook Court in Northbrook, Ill.
After adjusting for GGP’s ownership interest, the company’s pro-rata share of the new four non-recourse mortgages totals $483 million.
“At the start of 2011, one of GGP’s stated goals was to strength the company’s balance sheet and liquidity while also reducing interest rates and extending the average debt maturity profile,” said Sandeep Mathrani, CEO of GGP in a statement. “We have accomplished our 2011 goals and are now focused on 2012 financing opportunities.
Year-to-date, GGP has completed nearly $3.9 billion of new property level non-recourse financings.