NEW YORK CITY-Regional mall REIT Rouse Properties said Monday it had closed on a $510-million corporate credit facility. The facility replaces the company’s existing $337.9-million credit facility, which was due to mature in January 2015, and consists of a $260-million, five-year term loan and a $250-million revolving line of credit with a four-year initial term and a one year extension option.

“With the closing of this facility we have taken another meaningful step towards supporting the future growth of our company and improving our financial flexibility and balance sheet,” says Andrew Silberfein, Rouse’s president and CEO.  He adds that the increase in the company’s bank revolver capacity, coupled with “significant reduction in the cost of this capital and the long-term nature of this commitment,” speaks to “not only the operational and leasing progress we have achieved to date, but highlights the improvement in Rouse’s financial strength as we continue to build value for our shareholders.“

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