HICKORY, NC-Rouse Properties, the New York City-based owner of Valley Hills Mall here, reports it has closed on a new $68-million mortgage loan secured by the more than 900,000-square-foot shopping mall.
The CMBS non-recourse loan bears interest at a fixed rate of 4.47% and matures in 10 years. Net proceeds to the company after related closing and defeasance costs were approximately $15.0 million. The Valley Hills Mall was previously financed with a $51.4-million mortgage loan at an interest rate of 4.73% and with a maturity of March, 2016.
“The refinancing of Valley Hills Mall is our sixth individual mall financing completed since our formation in early 2012. Lenders continue to respond positively to our leasing and asset reinvestment strategy, as we continue to unlock the inherent value that exists throughout our portfolio” states John Wain, chief financial officer of Rouse Properties. “With this transaction, we continue to execute on our ongoing refinancing strategy. Since our formation, our refinancings have not only extended our maturity ladder and reduced interest rates, but have resulted in aggregate net proceeds to the company of approximately $62 million.”
The Valley Hills Mall was built in 1978 and remodeled in 2001. Belk, Dillard's, JC Penney and Sears anchor the 933,668-square-foot enclosed mall.
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