The largest of the bunch is a $250 million refinancing of Washington Square Mall near Portland, OR. The seven-year fixed-rate loan is expected to close in the 4th quarter of 2008. The interest rate has been locked at 6.00%. The current loan of $128 million is schedule to mature in February 2009.
On October 15, Macerich expects to close on a $90-million loan on South Towne Center in Sandy, Utah. The seven-year fixed rate loan will have an interest rate of 6.25%. Earlier this week, the company closed on a $29.7 million loan on Chandler Festival and an $18.9 million loan on Chandler Gateway. Both loans are for a seven-year term with a fixed interest rate of 6.15%.
At the end of July, the Company closed on a $150 million refinancing of Broadway Plaza in the Northern California's Walnut Creek area. The new loan bears interest at a fixed rate of 6.11% and has a seven year term. The prior loan amount was $58.8 million.
The creditors in each case are either relationship life insurance companies or pension funds. Macerich did not immediately respond to a request for information on the planned use of the net proceeds from each asset.
Including these transactions, the company's year-to-date financings total approximately $1.6 billion. As of the end of June, the company's debt to market capitalization ratio was 58.8%, up from 53.7% at the end of 2007 and 45.5% at the end of 2006, according to SEC filings. The company is scheduled to report its third quarter results next month.
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