The leading American mall owner has received backing from lenders that will ensure the continued operations of three of its properties.
The California-based Macerich has announced that it has closed on a $370M five-year refinancing of the Green Acres Mall and Green Acres Commons open-air centre in Valley Stream, New York. Meanwhile, a three-year extension has been closed on California’s Santa Monica Place. The combined area of the three properties totals nearly 3 million square feet.
“Through a combination of loan extensions and refinancings, Macerich continues to effectively transact on its secured loan portfolio,” said Macerich CFO Scott Kingsmore. “These three transactions totalling just under $1.4 billion speak to the strength of our longstanding credit relationships that we’ve cultivated over the years, our access to capital, and to the quality of our Class A regional town centre portfolio.”
The company is also in the process of refinancing an existing $405M mortgage on Scottsdale Fashion Square in Arizona, a joint venture owned by Westcor, a Macerich subsidiary.
