TRACY, CA-Rouse Properties, Inc., a national owner and operator of enclosed regional malls, has closed on a new $52.0 million mortgage loan secured by West Valley Mall in Tracy.
The non-recourse mortgage carries a floating interest rate of LIBOR plus 175 bps and matures in five years, with a five year extension option. The loan can be swapped at any time solely at the Borrower's election to a fixed rate of interest. This asset was previously financed with a $47.1 million mortgage loan bearing interest at 3.43%, with an original maturity date in January 2014. Net proceeds to the company after related closing costs were approximately $4.4 million.
“This attractive refinancing of West Valley Mall is the result of improvements made to the mall since our spin-off in early 2012, including substantial leasing accomplishments, cosmetic improvements made to enhance the quality of the mall offerings for the consumer, and continued recovery in the economic landscape for the surrounding trade area,” said John Wain, chief financial officer of Rouse Properties.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
