ARLINGTON, VA-The Mills Corp. has closed on $1.91 billion of the previously announced $2.23-billion financing with Goldman Sachs Mortgage Co. The remainder is expected to close over the next several months.
Mills will continue to seek indications of interest from prospective buyers and investors by June 13. To date, the company has entered into confidentiality agreements with more than 30 potential buyers and investors.
The net proceeds of the financing were used to pay off the company's existing line of credit, two corporate-level term loans, the repayment of one recourse construction loan and the acquisition by GSMC of three recourse construction loans. The remaining funds will be used for working capital and general corporate purposes. Projects in the pipeline for Mills include Meadowlands Xanadu in East Rutherford, NJ and 108 N. State St. in Chicago.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
