CHICAGO- General Growth Properties, Inc., U.S. Bank and RBC Capital Markets announced yesterday that they have closed on a $1.5 billion secured, term loan that will refinance 16 of GGP's U.S. properties.
Both U.S. Bank and RBC Capital Markets acted as joint-lead arrangers and joint bookrunners on the transaction. U.S. Bank was the administrative agent while RBC Capital Markets served as syndication agent. There were 11 other co-lenders.
“We are pleased to complete this transaction for GGP, a long-time client of U.S. Bank,” said Joe Hoesley, vice chairman of Commercial Real Estate at U.S. Bank, in a statement. “Together with our partners, we were able to raise over $1.8 billion in commitments for this credit facility, demonstrating the strong appetite lenders have for quality commercial real estate assets.”
U.S. Bank originated the loan was out of their commercial real estate office in Chicago.
The Chicago-based GGP owns, manages, leases and redevelops regional malls throughout the U.S. Their portfolio includes 124 regional malls in the United States with approximately 124-million-square feet. On Monday, GGP released their first quarter results, stating that net operating income for their U.S. Regional Mall Portfolio increased 3.7% to $513 million from $495 million in the prior year period.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
