Brooklyn, NY The Macerich Company closed a $540 million loan on Kings Plaza. The new loan bears a fixed interest rate of 3.62% and matures on January 1st, 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 Ave. The property generated $735 per s/f as of September 30, 2019.