Macerich Completes $710 Million Refinancing of Tysons Corner Center
05 December 2023 - 10:00PM
Macerich (NYSE: MAC), one of the nation’s leading owners, operators
and developers of major retail and mixed-use properties in top
markets, today announced that Macerich’s joint venture that owns
Tysons Corner Center has just closed a $710 million refinance on
this high-quality property in Northern Virginia.
The new CMBS loan, which closed on Monday, Dec. 4, bears a fixed
interest rate of 6.60% with interest-only payments throughout the
loan term, matures on Dec. 6, 2028, and replaces an existing $666
million loan that was scheduled to mature on Jan. 1, 2024.
Tysons Corner Center is a 1.8 million square foot,
super-regional retail powerhouse anchored by Nordstrom,
Bloomingdale’s and Macy’s that attracts 16 million annual visits.
While not serving as collateral for this new loan, the property is
also home to numerous mixed uses, including office, residential and
hospitality. Consistently among Macerich’s Top 10 Regional Town
Centers, Tysons Corner Center generates $1,200 sales per square
foot and had leased occupancy of 96% as of Q3 2023.
“We are very pleased to complete this large refinancing, which
had a very efficient execution,” said Scott Kingsmore, Macerich’s
Senior Executive Vice President and Chief Financial Officer.
“Collectively, along with numerous other deals, we have completed
$2.7 billion ($1.9 billion at Macerich’s share) of loan
transactions in 2023, including the recent renewal of our corporate
credit facility, which was closed in September.”
About Macerich
Macerich is a fully integrated, self-managed and
self-administered real estate investment trust (REIT). As a
leading owner, operator and developer of high-quality retail real
estate in densely populated and attractive U.S. markets, Macerich’s
portfolio is concentrated in California, the Pacific Northwest,
Phoenix/Scottsdale, and the Metro New York to Washington, D.C.
corridor. Developing and managing properties that serve as
community cornerstones, Macerich currently owns 47 million square
feet of real estate consisting primarily of interests
in 44 regional town centers. Macerich is firmly
dedicated to advancing environmental goals, social good and sound
corporate governance. A recognized leader in sustainability,
Macerich has achieved a #1 Global Real Estate
Sustainability Benchmark (GRESB) ranking for the North
American retail sector for nine consecutive years (2015-2023).
For more information, please visit www.Macerich.com.
Macerich uses, and intends to continue to use, its Investor
Relations website, which can be found
at investing.macerich.com, as a means of disclosing material
nonpublic information and for complying with its disclosure
obligations under Regulation FD. Additional information about
Macerich can be found through social media platforms such as
LinkedIn. Reconciliations of non-GAAP financial measures, including
NOI and FFO, to the most directly comparable GAAP measures are
included in the earnings release and supplemental filed on Form 8-K
with the SEC, which are posted on the Investor Relations website
at investing.macerich.com.
MAC-I
SOURCE: Macerich
MEDIA CONTACT: Karen Maurer, Macerich, 602-708-6311, Website:
http://www.macerich.com
Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/2f098380-9d7d-4e02-a426-1d282360faa5
https://www.globenewswire.com/NewsRoom/AttachmentNg/67467bfa-f3c9-43b8-8e14-03503083384d
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