The Real Deal New York

General Growth refinances Staten Island Mall

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

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