Rouse Properties Refinances West Valley Mall for $52 M

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.