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Macerich Guarantees $184M Loan With 1.3M-SF Mall

CHANDLER, AZ-Three months after buying out Westcor, Macerich refinances its showcase asset, Chandler Fashion Center. The $184-million loan pays off $160 million in construction financing that comes due in December.

By Beverly Ford | Updated on October 24, 2002

CHANDLER, AZ-Less than one year after opening its doors, the owners of Chandler Fashion Center have refinanced the 1.3-million-sf retail showcase with a $184-million loan that helped pay off a $160-million, floating-rate construction loan that was set to mature in December.

Owner Macerich Co. obtained a fixed rate of 5.48% on the new loan, which matures in October 2012. Chandler Fashion Center was acquired by the company in July as part of the firm’s acquisition of Westcor, which built the property at Chandler Boulevard and Loop 101.

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