Published Friday, Dec. 12, 2008 | 8:26 a.m.
Updated Friday, Dec. 12, 2008 | 9:33 a.m.
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Troubled mall owner General Growth Properties announced today the completion of approximately $896 million of mortgage loans, although it still is working to refinance two Las Vegas malls, Fashion Show and Palazzo.
The maturity dates of these refinanced mortgage loans range from five to seven years. The proceeds were fully used to retire a $58 million bond issued by The Rouse Company that matured on December 11, 2008, as well as to refinance approximately $814 million of mortgage indebtedness scheduled to mature in 2009.
The refinanced loans are separate from the Fashion Show and Palazzo mortgage loans currently scheduled to mature today.
The company says it is continuing discussions with its syndicate of lenders for a further extension of these two mortgage loans, but there is no guarantee the company will obtain these further extensions.
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