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| GGP completes $743 million refinancing of five malls Mall owner General Growth Properties, Inc. announced the refinancing of five shopping malls representing $743 million of new mortgages. These five new fixed-rate mortgages have a weighted average term of 9.2 years and generated cash proceeds in excess of in-place financing of approximately $180 million to GGP. GGP has also been able to lower the weighted average interest rate of these five mortgages from 6.29% to 5.40%, while lengthening the term by approximately five years over that in place. GGP used $139 million of the excess proceeds to pay down mortgage loans on four assets with a weighted average interest rate of 7.31% and weighted average term of 3.1 years. write your comments about the article :: © 2011 Construction News :: home page |