GGP Closes $155M Mortgage Loan

CHICAGO-General Growth Properties Inc. has closed on a four-year extension of a $155 million mortgage loan. The previous loan, which was completed through GGP’s joint venture subsidiary Carolina Place LLC, was due to mature in January.

Carolina Place is a 1.3-million-square-foot shopping center located in Pineville, NC. According to GGP officials, the extension was signed at a 4.6% contract rate of interest. The all-in interest rate after amortization of fees is 5.11%.

The Carolina Place loan was not part of last year’s bankruptcy filing. However, GGP officials say the company has completed the restructuring of 74 secured mortgage loans, totaling $9.4 billion. This brings 180 GGP subsidiary debtors and 96 properties out of bankruptcy.

Still 16 loans, totaling $2.1 billion, need to receive final Bankruptcy Court approval of the restructurings. The company expects this to complete in the following weeks.

In a release, company officials say, “When these restructured loans are complete, all of the plans of reorganization previously approved by the Bankruptcy Court will also be fully implemented.”

GGP owns or manages 200 shopping malls in 43 states. Its portfolio totals more than 200 million square feet of retail space.