Shopping mall landlord and owner of the South Street Seaport, General Growth Properties refinanced its mortgage on the Staten Island Mall, the company announced today. It replaced a $273 million, 6.06 percent loan that was scheduled to mature in October 2015 with a new, 12-year fixed-rate loan for the same amount at a 4.77 percent rate. The transaction alleviates $125 million of corporate recourse connected to the previous mortgage.
Simultaneously, the firm refinanced its mortgage on the Boise Town Square in Idaho, replacing a 6.64 rate with a 4.79 percent rate. Both the Staten Island and Boise loans have 30 year amortization schedules.
So far this year, the firm has refinanced 15 loans for $2.9 billion, with a weighted average interest rate of 5.26 percent. – Adam Fusfeld