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HONOLULU-According to an SEC filing, General Growth Properties Inc. just recently closed a $1.4-billion secured financing of its wholly-owned Ala Moana Center mall located here at 1450 Ala Moana Blvd. The initial lender under the financing is Goldman Sachs Commercial Mortgage Capital LP.
The $1.4 billion mortgage bears interest at 4.23% per annum and matures in 10 years on April 1, 2022. Interest-only payments are due during the term.
The net proceeds of the loan were used to fully repay the approximate $1.3 billion outstanding mortgage loan encumbering the property which bore interest at approximately 5.59% per annum and was scheduled to mature in 2018, according to the filing.
As GlobeSt.com reported back in 2008, the center expanded by 300,000 square feet on March 7 of that year, and brought in new international and national brands to the largest open-air center in the world. The property was acquired by Chicago-based General Growth Properties in the late 1990s.
Anchor tenants are the property include Macy’s, Neiman Marcus, Sears and Nordstrom. The center has a total of 290 retail stores.
In February, General Growth revealed that it would be acquiring 11 Sears anchor pads within its portfolio for $270 million, an acquisition expected to close in the second quarter of 2012. One such Sears "anchor pad" is located at the Ala Moana Center mall.
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