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General Growth Refinances Two Malls for $413M

CHICAGO-Just this year, the company has refinanced 15 loans of about $2.9 billion., though the firm is also off-loading properties through its planned B-class portfolio sale and auctions.

By Robert Carr | Updated on September 15, 2011

CHICAGO-Locally based General Growth Properties Inc. continues to recover from its bankruptcy by refinancing properties, and has recently arranged new loans for Staten Island Mall in Staten Island, NY and Boise Towne Square in Boise, ID. The new loans total $413 million at an average interest rate of 4.78%.

The New York mall’s new $273 million, 12-year mortgage at a 4.77% rate replaces a $273 million, 6.06% loan that was scheduled to mature in October 2015. The Boise property has a new $140 million, 12-year loan at a 4.79% rate, replacing a $65 million, 6.64% loan that was scheduled to mature in August 2014.

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