Williamsburg Bridge in Brooklyn, New York.
NEW YORK CITY – Macerich Company, a real estate investment trust headquartered in Santa Monica, has closed a $540 million loan on Kings Plaza in Brooklyn, an indoor mall in the Flatbush submarket that features an estimated 150 retail stores.
The new loan bears a fixed interest rate of 3.62% and matures on January 1, 2030, and will replace a $427 million loan, which was repaid at closing.
The remaining proceeds were used to repay a portion of the company's revolving line of credit. In 2018, the company invested $110 million to redevelop the mall's former 4-level Sears store with Primark, Zara, JCPenney and Burlington, which also included the renovation of mall's frontage along Flatbush Avenue.
As of September 30, 2019, the property generated $735 per square foot.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
