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SANTA MONICA, CA-The Macerich Co. said Friday it is in the process of closing $538.6 million in asset-backed financings that will net it $133 million. The locally based mall REIT has closed on three of the financings and is committed to two others that will close before the end of the year.

The largest of the bunch is a $250 million refinancing of Washington Square Mall near Portland, OR. The seven-year fixed-rate loan is expected to close in the 4th quarter of 2008. The interest rate has been locked at 6.00%. The current loan of $128 million is schedule to mature in February 2009.

On October 15, Macerich expects to close on a $90-million loan on South Towne Center in Sandy, Utah. The seven-year fixed rate loan will have an interest rate of 6.25%. Earlier this week, the company closed on a $29.7 million loan on Chandler Festival and an $18.9 million loan on Chandler Gateway. Both loans are for a seven-year term with a fixed interest rate of 6.15%.

At the end of July, the Company closed on a $150 million refinancing of Broadway Plaza in the Northern California’s Walnut Creek area. The new loan bears interest at a fixed rate of 6.11% and has a seven year term. The prior loan amount was $58.8 million.

The creditors in each case are either relationship life insurance companies or pension funds. Macerich did not immediately respond to a request for information on the planned use of the net proceeds from each asset.

Including these transactions, the company’s year-to-date financings total approximately $1.6 billion. As of the end of June, the company’s debt to market capitalization ratio was 58.8%, up from 53.7% at the end of 2007 and 45.5% at the end of 2006, according to SEC filings. The company is scheduled to report its third quarter results next month.

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