LAKELAND, FL—Rouse Properties closed on a $65 million mortgage loan against Lakeland Square Mall. The non-recourse loan bears interest at a fixed rate of 4.17% and matures in 10 years.

The dominant shopping center located along the Interstate 4 corridor between Orlando and Tampa, FL, the asset was previously financed with a $50.3 million mortgage loan at an interest rate of 5.12%. Net proceeds to the company after related closing and defeasance costs were about $13.4 million.

“The refinancing of Lakeland Square Mall demonstrates Rouse's ability to utilize its platform and strategic capital to capture the inherent value that exists throughout our portfolio,” says Andrew Silberfein, president and CEO of Rouse. “This attractive financing repays our only 2013 loan maturity and improves the Company's financial flexibility. In the last 12 months, our refinancings have generated aggregate net proceeds to the company of almost $46 million.”