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GGP to close $400M Natick Mall refinancing in October
Fitch Ratings said the five-year, fixed-rate loan is backed by 1.2M SF of the 1.7M SF Natick Mall and includes $37.2M in new equity from GGP and the New York State Common Retirement Fund.
Bisnow reports that GGP, a subsidiary of Brookfield Corp., is nearing finalization of a refinancing deal for the Natick Mall in the Boston suburbs after more than two years of uncertainty around its CMBS loan.
According to a presale report cited by Bisnow, GGP is scheduled to close Oct. 22 on a $400M, five-year fixed-rate loan originated by Bank of America and JPMorgan Chase Bank. The loan will be securitized as a CMBS deal, with Midland Loan Services serving as the servicer.
The borrower, a partnership of GGP and the New York State Common Retirement Fund, is providing $37.2M of additional equity, Fitch said. The funds will be used to refinance existing debt, cover outstanding landlord obligations, and pay closing costs.
Fitch also said the financing is backed by a 1.2M SF portion of the 1.7M SF Natick Mall, which sits about 20 miles west of Boston. The mall opened in 1966, underwent major demolition and rebuilding in 1994, and GGP has owned it since 1995.