General Growth Properties (GGP) has completed refinancing worth $1.7 billion for seven shopping malls. The seven new fixed-rate mortgages have a weighted average term of 10.3 years and generated cash proceeds in excess of in-place financing of about $400 million to GGP. GGP has also increased the capacity of its loan from $720 million to $750 million. The new financings, combined with cash on hand, will increase GGP’s liquidity position to over $2 billion.
Click here for the release from GGP.