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On the matter of maturities, Inc. can check 2013 off its list. The just completed the $65 million refinancing of the 883,300-square-foot Mall in Lakeland, Fla., thereby repaying its only loan scheduled to mature this year.

More time, lower interest rate. The new non-recourse loan on Lakeland Square comes with a maturity date in 2023 and a 4.17 percent fixed rate, compared to the 5.12 percent fixed rate attached to the previous $50.3 million mortgage loan.

“The refinancing of demonstrates Rouse’s ability to utilize its platform and strategic capital to capture the inherent value that exists throughout our portfolio,” , president and CEO of Rouse , said in a prepared statement. The REIT pocketed net proceeds totaling $13.4 million on the transaction.

Sited along the I-4 corridor, roughly 35 miles east of Tampa, the single-story Lakeland Square carries the distinction of being the only enclosed regional mall within a 30-mile radius. The is presently 90.5 percent leased and offers a list of anchors that includes Macy’s, Dillard’s, JCPenney, Sears and Burlington Coat Factory. Rouse is in the midst of reconfiguring the to accommodate two recently completed lease that will bring a 47,000-square-foot Cinemark NestGen digital movie theater and a 42,000-square-foot to the 25-year-old mall.

With 2013′s expiring property debt now erased, Rouse can focus on 2014, when loans with balances totaling approximately $235 million on four shopping malls are due.

Source:  http://www.cpexecutive.com/regions/southeast/rouse-wraps-up-65m-refinancing-of-900-ksf-suburban-tampa-mall/

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