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General Growth Gets $900-Million Loan Extension

CHICAGO-The mall REIT is given nearly two months of breathing room on its $900-million loan on two Las Vegas malls.

By Ian Ritter | Updated on December 18, 2008

CHICAGO-General Growth Properties has gained a little breathing room. The REIT was given an extension by seven lenders on its $900-million loan on two Las Vegas malls, Fashion Show and Palazzo, until Feb. 12.

The news follows the closing of $896 million in loans last Friday on other properties, but there was some speculation that Citigroup would not allow an extension, also due last Friday, on the two Vegas malls after that deadline came and went. Chapter 11 bankruptcy was said to be the next step had the refinancing not taken place.

In a separate deal, lenders for a 2006 credit agreement extended the company’s deadline until Jan. 30.

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