CHICAGO-General Growth Properties, Inc. has secured $1.7 billion worth of new loans to refinance seven shopping malls. All seven mortgages were fixed-rate loans with a weighted average period of 10.3 years. Until today, the company has closed the refinancing of six malls and it expects closing for the seventh mall in May 2011.
General Growth has the options to extent the terms of the loans by nearly seven years. For the full story, go to Florida Real Estate Journal.
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