By  on December 12, 2008

The clock ticked throughout the weekend for General Growth Properties Inc., which managed to refinance or pay down $872 million in debt on Friday, but not another $900 million in loans maturing at the same time.

The Chicago-based real estate investment trust, which oversees a portfolio of more than 200 malls in 44 states, said Friday it secured about $896 million in mortgage loans, which it will use to retire a $58 million bond that came due Thursday and about $814 million in mortgage indebtedness maturing next year. The maturities on the new financing range from five to seven years.

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