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PHOENIX-Macerich refinanced the debt on Biltmore Fashion Park earlier this month, according to CB Richard Ellis, the brokerage firm in the deal. Macerich owns the 548,000-square-foot mall in a 50-50 joint venture with Institutional Mall Investors LLC.

The details of the new financing were not available because Macerich has yet to reveal them in any SEC filings. The prior financing carried a fixed 4.72% interest rate, according to SEC filings, and matured on July 10, 2009. Macerich’s half of the amount due at maturity was approximately $35 million.

Macerich’s second quarter supplemental financial information showed a new 2029 maturity date, a slightly higher loan amount of $35.7 million and the same interest rate. A source at Macerich tells GlobeSt.com that Macerich extended the loan while it was awaiting the refinance. The source declined to detail the new loan details until it is released to everyone in a future SEC filing.

Built in 1963 and acquired by Macerich in 2003, the 548,000-square-foot Biltmore Fashion Park sits at the retail heart of the Arizona Biltmore Estates neighborhood. Macerich completed a $28.6-million makeover in 2006 that included a pedestrian walkway under Camelback Road.

The anchor tenants are Macy’s and Saks Fifth Avenue. Other major tenants include Apple, Brooks Brothers, Polo-Ralph Lauren, Tommy Bahama, Williams Sonoma and Borders Books. Other key tenants include fashion designers Calypso Christiane Celle, Rangoni Firenze and Vera Bradley. Restaurants include the Cheesecake Factory, the Capital Grille, Christopher’s & Crush Lounge, True Foods Kitchen, California Pizza Kitchen and Paradise Bakery.

Vacancy in the 262,000 square feet of mall shops and free-standing stores was approximately 15% at the start of the year, according to Macerich’s annual report. Sales per square foot for that part of the mall were $837 at the start of the year, a figure reportedly pulled upward by the performance of the Apple store.

Mark McGovern, one of the CBRE brokers in the deal, tells GlobeSt.com that one of the reasons for the vacancy is that Macerich is letting the leases expire on a couple of the buildings at the east end of the development in preparation for a partial redevelopment when it makes sense to do so. Plans include mixed-use high-rise buildings with potential residential, office or hotel uses with street level retail shops.

Assisting San Diego-based McGovern in the refinance were Jeff Rice, also from CBRE San Diego, and Doug Mueller in CBRE’s Phoenix office.

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