The five deals that closed included a $100 million financing of the Mall of Victor Valley in in Victorville, CA; a $175 million loan for the Westside Pavilion in West Los Angeles; a $150 million financing on the SanTan Village regional shopping center in Gilbert, AZ; a $170 million loan on Fresno Fashion Fair in Fresno, CA; and a $300 million combination construction and permanent loan on the Oaks super regional mall in Thousand Oaks, CA.
The loan for the Mall of Victor Valley is a floating rate financing that starts out at 4.32%. Some of the loan proceeds paid off the former loan of approximately $51 million, which carried an interest rate of 5.25%. The new loan is at an initial term of three years,extendable to five years.
The Westside Pavilion was refinanced with a $175 million five-year loan with an initial interest rate of 4.45%. Some of the loan proceeds paid off the former loan of $91.6 million with an interest rate of 6.74%.
The loan for the SanTan Village regional shopping center starts with an initial three-year term, extendable to five years. The initial funding was approximately $117 million at an initial interest rate of 4.73%. Approximately $33 million of additional proceeds will be distributed as the remaining construction costs are incurred. Before this loan there was no mortgage on the center.
The Fresno Fashion Fair financing is a 6.76% seven-year fixed-rate loan. A portion of the proceeds were used to pay off the previous loan of $63.1 million bearing interest at 6.52%.
The Oaks loan provided for an initial funding if $220 million at an interest rate of 4.29%. Approximately $50 million of additional proceeds will be distributed upon completion of the construction and another $30 million upon stabilization. The deal os a floating rate loan with an initial term of three years.
In addition to the loans that closed, Macerich has entered into a commitment for a $150 million, seven year, 6.11% fixed interest rate loan on Broadway Plaza in Walnut Creek, CA. The loan is expected to close in September, and part of the proceeds will be used to pay off the current loan of $59 million (with a 6.68% interest rate). Upon completion of this financing the company will have less than $100 million of remaining maturities for 2008 and expected available capacity of more than $625 million under its line of credit.
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