General Growth Properties Inc. completed $3.1 billion of property-level financings during the second quarter 2012.
The new mortgages have a weighted average interest rate and term of 4.2% and nine years, respectively, as compared to a rate of 5.24% and a remaining term-to-maturity of 3.9 years.
In addition, the financings eliminated $640 million of recourse to GGP and eliminated the cross collateral provision between Fashion Show and The Grand Canal Shoppes/The Shoppes at The Palazzo.
The transactions generated $329 million of net proceeds after repayment of existing mortgage notes.
Information regarding each financing is as follows.
- Mall; Location; Balance in $mil; Interest Rate; Due Date
- Provo Towne Centre; Provo, UT; $42; 4.53%; June 2017
- The Grand Canal Shoppes and The Shoppes at The Palazzo (a); Las Vegas, NV; $625; 4.24%; June 2019
- Oakbrook Center; Oakbrook, IL; $425; 3.66%; July 2020
- Ala Moana Center; Honolulu, HI; $1,400; 4.23%; April 2022
- Harborplace & The Gallery; Baltimore, MD; $82; 5.24%; May 2022
- The Streets at Southpoint; Durham, NC; $260; 4.36%; May 2022
- Spokane Valley Mall; Spokane Valley, WA; $63; 4.65%; June 2022
- Florence Mall; Florence, KY; $90; 4.15%; June 2022
- Greenwood Mall; Bowling Green, KY; $63; 4.19%; July 2022
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