CHICAGO, Sept. 14, 2011 /PRNewswire/ -- General Growth
Properties, Inc. (NYSE: GGP) ("GGP") today announced the
refinancing of Staten Island Mall and Boise Towne Square for loan
proceeds totaling $413 million at a
weighted average interest rate of 4.78%.
Staten Island Mall's new $273
million, 4.77%, 12-year fixed-rate mortgage replaces a
$273 million, 6.06% loan that was
scheduled to mature in October 2015.
This new financing removes $125
million of corporate recourse that was associated with the
prior loan. Boise Towne Square's new $140 million, 4.79%, 12-year fixed-rate mortgage
replaces a $65 million, 6.64% loan
that was scheduled to mature in August
2014. Both loans have 30 year amortization schedules.
Year-to-date, GGP has refinanced 15 loans totaling $2.9 billion ($2.6
billion at share) at a weighted average interest rate of
5.26% and a weighted average term of 10.2 years. These
refinancings have resulted proceeds in excess of in-place financing
of approximately $630 million at
share.
ABOUT GGP
General Growth Properties has ownership and management interest
in 166 regional and super regional shopping malls in 43 states. The
Company portfolio totals 169 million square feet of space. A
publicly-traded real estate investment trust (REIT), GGP is listed
on the New York Stock Exchange under the symbol GGP.
SOURCE General Growth Properties, Inc.