SANTA MONICA, Calif., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Macerich (NYSE: MAC), one of the nation’s leading owners, operators and developers of major retail and mixed-use properties in top markets, today announced that Macerich’s joint venture that owns Tysons Corner Center has just closed a $710 million refinance on this high-quality property in Northern Virginia.
The new CMBS loan, which closed on Monday, Dec. 4, bears a fixed interest rate of 6.60% with interest-only payments throughout the loan term, matures on Dec. 6, 2028, and replaces an existing $666 million loan that was scheduled to mature on Jan. 1, 2024.
Tysons Corner Center is a 1.8 million square foot, super-regional retail powerhouse anchored by Nordstrom, Bloomingdale’s and Macy’s that attracts 16 million annual visits. While not serving as collateral for this new loan, the property is also home to numerous mixed uses, including office, residential and hospitality. Consistently among Macerich’s Top 10 Regional Town Centers, Tysons Corner Center generates $1,200 sales per square foot and had leased occupancy of 96% as of Q3 2023.
“We are very pleased to complete this large refinancing, which had a very efficient execution,” said Scott Kingsmore, Macerich’s Senior Executive Vice President and Chief Financial Officer. “Collectively, along with numerous other deals, we have completed $2.7 billion ($1.9 billion at Macerich’s share) of loan transactions in 2023, including the recent renewal of our corporate credit facility, which was closed in September.”
"that seems to be pretty reasonable rate to pay for and interest only loan. I am still holding on to MAC as 2.5% position and hope for distribution increase in 2024." leased occupancy of 96% sounds awesome. |
