Macerich Refinances $540M for Brooklyn Mall
The new loan bears a fixed interest rate of 3.62% and matures on January 1, 2030, and will replace a $427 million loan, which was repaid at closing.
NEW YORK CITY – Macerich Company, a real estate investment trust headquartered in Santa Monica, has closed a $540 million loan on Kings Plaza in Brooklyn, an indoor mall in the Flatbush submarket that features an estimated 150 retail stores.
The new loan bears a fixed interest rate of 3.62% and matures on January 1, 2030, and will replace a $427 million loan, which was repaid at closing.
The remaining proceeds were used to repay a portion of the company’s revolving line of credit. In 2018, the company invested $110 million to redevelop the mall’s former 4-level Sears store with Primark, Zara, JCPenney and Burlington, which also included the renovation of mall’s frontage along Flatbush Avenue.
As of September 30, 2019, the property generated $735 per square foot.