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Macerich Arranges $1B in Mall Financing

SANTA MONICA, CA-The shopping center REIT lines up new loans on five properties and a commitment on a sixth financing, using proceeds to pay down the company's line of credit.

By Bob Howard | Updated on July 15, 2008

SANTA MONICA, CA-Shopping center REIT Macerich has lined up new loans totaling more than $1 billion on five properties and has secured a commitment on a sixth financing, using proceeds from the refinancings to pay down the company’s line of credit. The five transactions that recently closed totaled $895 million and generated excess proceeds above the previous loans of approximately $576 million to pay down the line of credit.

The five deals that closed included a $100 million financing of the Mall of Victor Valley in in Victorville, CA; a $175 million loan for the Westside Pavilion in West Los Angeles; a $150 million financing on the SanTan Village regional shopping center in Gilbert, AZ; a $170 million loan on Fresno Fashion Fair in Fresno, CA; and a $300 million combination construction and permanent loan on the Oaks super regional mall in Thousand Oaks, CA.

The loan for the Mall of Victor Valley is a floating rate financing that starts out at 4.32%. Some of the loan proceeds paid off the former loan of approximately $51 million, which carried an interest rate of 5.25%. The new loan is at an initial term of three years,extendable to five years.

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