NEWARK, CA—Rouse Properties, Inc., a national owner and operator of enclosed regional malls, has closed on a new $71.5 million non-recourse floating-rate mortgage loan with an initial interest rate of 4.3% secured by NewPark Mall, in Newark. The bank loan has a four year term, with a one year extension option. The initial funding of the loan is $66.5 million, with the remaining $5 million to be earned out upon achieving certain milestones.

This asset was previously financed with a $62.9 million mortgage loan at an interest rate of 7.45%.

“This refinancing replaces a loan which carried the highest interest rate of all of our borrowings and was set to mature in 2014,” said John Wain chief financial officer of Rouse Properties. “This bridge financing allows us to take advantage of today's attractively-priced capital, while retaining our flexibility with regard to long-term financing options as we implement our strategic capital improvements and targeted leasing program at NewPark Mall.”