Macerich Company, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, announced it has closed a $540.0 million loan on Kings Plaza in Brooklyn, New York.
The new loan bears a fixed interest rate of 3.62% and matures on January 1, 2030. The former loan was $427.4 million, which was repaid at closing. Excess refinancing proceeds were used to repay a portion of the Company’s revolving line of credit.
In 2018, the Company invested $110 million to redevelop the former 4-level Sears store with Primark, Zara, JCPenney and Burlington, which also included a transformative renovation of the mall’s exterior along Flatbush Avenue. The property generated $735 per square foot as of September 30, 2019.