|
contents | business | |||||||||
| GGP refinances Staten Island Mall and Boise Towne Square General Growth Properties, Inc. ("GGP"), the Chicago-based mall operator, announced the refinancing of Staten Island Mall and Boise Towne Square for loan proceeds totaling $413 million at a weighted average interest rate of 4.78%. Staten Island Mall's new $273 million, 4.77%, 12-year fixed-rate mortgage replaces a $273 million, 6.06% loan that was scheduled to mature in October 2015. This new financing removes $125 million of corporate recourse that was associated with the prior loan. Boise Towne Square's new $140 million, 4.79%, 12-year fixed-rate mortgage replaces a $65 million, 6.64% loan that was scheduled to mature in August 2014. Both loans have 30 year amortization schedules. Year-to-date, GGP has refinanced 15 loans totaling $2.9 billion ($2.6 billion at share) at a weighted average interest rate of 5.26% and a weighted average term of 10.2 years. These refinancings have resulted proceeds in excess of in-place financing of approximately $630 million at share. write your comments about the article :: © 2011 Construction News :: home page |