GGP Lands $1.4B Refi on 15 Malls

CHICAGO—General Growth Properties Inc. has obtained a $1.4-billion term loan refinance backed by 15 retail properties across the US. Minneapolis-based U.S. Bank led the refi, joined by 14 other lenders including Wells Fargo Securities.

An SEC filing from GGP shows the refi is secured by the company's Southwest Plaza in Littleton, CO; Brass Mill Center in Waterbury, CT; Grand Teton Mall in Idaho Falls, ID; Oakwood Center in Gretna, LA; Mondawmin Mall in Baltimore, MD; River Hills Mall in Mankato, MN; the Shops at Fallen Timbers in Maumee, OH; Sooner Mall in Norman, OK; Pioneer Place in Portland, OR; Columbiana Centre in Columbia, SC; Red Cliffs Mall in St. George, UT; NorthTown Mall in Spokane, WA; the Oakwood Mall in Eau Claire and Mayfair Mall in Wauwatosa, WI; and Eastridge Mall in Casper, WY;.

“Our commercial real estate division strives to build long-term relationships with our clients,” says Rex Rudy, EVP and head of commercial real estate for U.S. Bank. “GGP is a great example of that approach. We've been in business together for more than two decades and today we're pleased to help them achieve their financial goals through this facility.”

U.S. Bank served as left lead arranger, joint bookrunner and administrative agent for the loan, which was designed to provide GGP with flexibility in continuing to optimize its portfolio and invest in its properties. Wells Fargo Securities served as right lead arranger, joint bookrunner and syndication agent. The loan was closed out of U.S. Bank's Chicago office.

CHICAGO—General Growth Properties Inc. has obtained a $1.4-billion term loan refinance backed by 15 retail properties across the US. Minneapolis-based U.S. Bank led the refi, joined by 14 other lenders including Wells Fargo Securities.

An SEC filing from GGP shows the refi is secured by the company's Southwest Plaza in Littleton, CO; Brass Mill Center in Waterbury, CT; Grand Teton Mall in Idaho Falls, ID; Oakwood Center in Gretna, LA; Mondawmin Mall in Baltimore, MD; River Hills Mall in Mankato, MN; the Shops at Fallen Timbers in Maumee, OH; Sooner Mall in Norman, OK; Pioneer Place in Portland, OR; Columbiana Centre in Columbia, SC; Red Cliffs Mall in St. George, UT; NorthTown Mall in Spokane, WA; the Oakwood Mall in Eau Claire and Mayfair Mall in Wauwatosa, WI; and Eastridge Mall in Casper, WY;.

“Our commercial real estate division strives to build long-term relationships with our clients,” says Rex Rudy, EVP and head of commercial real estate for U.S. Bank. “GGP is a great example of that approach. We've been in business together for more than two decades and today we're pleased to help them achieve their financial goals through this facility.”

U.S. Bank served as left lead arranger, joint bookrunner and administrative agent for the loan, which was designed to provide GGP with flexibility in continuing to optimize its portfolio and invest in its properties. Wells Fargo Securities served as right lead arranger, joint bookrunner and syndication agent. The loan was closed out of U.S. Bank's Chicago office.