NEWARK, CA—Rouse Properties, Inc., a national owner and operator of enclosed regional malls, has closed on a new $71.5 million non-recourse floating-rate mortgage loan with an initial interest rate of 4.3% secured by NewPark Mall, in Newark. The bank loan has a four year term, with a one year extension option. The initial funding of the loan is $66.5 million, with the remaining $5 million to be earned out upon achieving certain milestones.
This asset was previously financed with a $62.9 million mortgage loan at an interest rate of 7.45%.
“This refinancing replaces a loan which carried the highest interest rate of all of our borrowings and was set to mature in 2014,” said John Wain chief financial officer of Rouse Properties. “This bridge financing allows us to take advantage of today's attractively-priced capital, while retaining our flexibility with regard to long-term financing options as we implement our strategic capital improvements and targeted leasing program at NewPark Mall.”
NewPark Mall, which opened in 1980, contains nearly 1.2 million square feet of retail space, and, serves the tri-cities of Newark, Fremont and Union City in the East Bay area. The mall is anchored by Macy's, jcpenney, Sears and Burlington Coat Factory, and includes more than 140 national and regional stores.
Rouse Properties, Inc. is a publicly traded real estate investment trust headquartered in New York City and was founded on a legacy of innovation and creativity. Among the country's largest publicly traded regional mall owners, the company's geographically diverse portfolio spans the United States from coast to coast, and includes 32 malls in 20 states encompassing approximately 22.5 million square feet of space.
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