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GGP Lines Up New Financing

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Real estate investment trust General Growth Properties Inc. said Friday it closed the first stage of a new loan, amounting to $875 million.

The company said loan proceeds were used to repay all remaining loans maturing in the third quarter, except for a $73 million property loan. That loan can't be repaid without a prepayment penalty prior to its due date in September.

General Growth said it anticipates receiving additional funding under the loan facility of up to $875 million, which would bring the loan facility to its maximum balance of $1.75 billion. The loan has an initial term of three years, with two single-year extension options.

The initial $875 million of the loan will bear interest at a fixed rate of 5.64 percent per year.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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