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Macerich has secured a massive refinancing deal for its joint venture that owns Tysons Corner Center shopping mall in Tysons, Va.
The $710 million commercial mortgage-backed securities (CMBS) loan, which closed Monday, comes with a fixed interest rate of 6.6 percent with interest-only payments until it matures in late 2028. The loan replaces a $666 million loan set to mature Jan. 1.
Tysons Corner Center is a 1.8 million-square-foot retail center anchored by Nordstrom, Bloomingdale’s and Macy’s, and was 96 percent leased as of last quarter. The property will not serve as collateral for the new loan.
A group of lenders consisting of Bank of Montreal, Goldman Sachs (GS), JPMorgan Chase (JPM) and Deutsche Bank (DB) originated the CMBS loan, according to CoStar, which cited a filing made to the Securities and Exchange Commission. Deutsche Bank led the origination.
Macerich, a Santa Monica, Calif.-based REIT, assumed ownership of the mall when it acquired Wilmorite Properties and Wilmorite Holdings for $2.3 billion in 2005.
“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,” Scott Kingsmore, Macerich’s senior executive vice president and CFO, said in a statement.
Macerich is not the only company to clinch a major refinancing deal in the DMV in recent weeks. Hines secured a $300 million loan from JPMorgan Chase tied to CityCenterDC, a 2.5 million-square-foot, mixed-use complex in Downtown Washington.
Earlier in November, PGIM Real Estate provided a $188 million refinancing loan to Tower Companies for The Blairs, a five-property multifamily portfolio in nearby Silver Spring, Md.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
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