General Growth Refinances Staten Island Mall and Boise Towne Square for $413 Million

Sep 14, 2011, 07:00 ET from General Growth Properties, Inc.

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.