{"id":1003698870,"date":"2008-01-18T12:00:00","date_gmt":"2008-01-18T20:00:00","guid":{"rendered":"https:\/\/64.70.41.235\/2008\/01\/18\/ggp-arranges-new-mortgages-sells-two-non-core-properties\/"},"modified":"2022-12-08T20:03:37","modified_gmt":"2022-12-09T04:03:37","slug":"ggp-arranges-new-mortgages-sells-two-non-core-properties","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ggp-arranges-new-mortgages-sells-two-non-core-properties\/","title":{"rendered":"GGP Arranges New Mortgages, Sells Two Non-Core Properties"},"content":{"rendered":"<p>Not long after outlining a plan for refinancing some of its  debt over the next two years, as reported by CPN  earlier this week, General Growth Properties has arranged  three new mortgage loans on regional malls owned by the  company in joint ventures. The Chicago-based REIT has also inked  deals to sell two wholly owned office buildings. A five-year, $150 million interest-only loan with a fixed  rate of 5.05 percent will replace an existing mortgage loan  of about $108 million, and thus generate about $42 million  of excess refinancing proceeds for the JV. Two other  ten-year, fixed-rate loans totaling $181 million will replace  existing loans of about $84 million, generating about $97  million of excess refinancing proceeds. The two loans will be  interest-only for the first three years, and then will be  based upon a 30-year amortization schedule for the remaining  seven yearsAccording to the company, these sales are consistent with  its &#8220;capital roadmap,&#8221; and it is currently negotiating with  lenders regarding as many as 12 other new fixed-rate  long-term mortgages on either JV or wholly owned assets. GGP  expects to close most of these mortgage transactions by the end  of the first quarter of 2008.The company has also inked a deal to sell two office  properties it owns &#8212; a non-core asset class for the retail REIT  &#8212; to an unspecified buyer for about $96 million, for a  gain of about $38 million. GGP expects that deal to close by  the end of this month.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Not long after outlining a plan for refinancing some of its debt over the next two years, as reported by CPN earlier this week, General Growth Properties has arranged three new mortgage loans on regional malls owned by the company in joint ventures. The Chicago-based REIT has also inked deals to sell two wholly owned&hellip;<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1003698870","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GGP Arranges New Mortgages, Sells Two Non-Core Properties - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ggp-arranges-new-mortgages-sells-two-non-core-properties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GGP Arranges New Mortgages, Sells Two Non-Core Properties\" \/>\n<meta property=\"og:description\" content=\"Not long after outlining a plan for refinancing some of its debt over the next two years, as reported by CPN earlier this week, General Growth Properties has arranged three new mortgage loans on regional malls owned by the company in joint ventures. The Chicago-based REIT has also inked deals to sell two wholly owned&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ggp-arranges-new-mortgages-sells-two-non-core-properties\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2008-01-18T20:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:03:37+00:00\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ggp-arranges-new-mortgages-sells-two-non-core-properties\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ggp-arranges-new-mortgages-sells-two-non-core-properties\/\",\"name\":\"GGP Arranges New Mortgages, Sells Two Non-Core Properties - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"datePublished\":\"2008-01-18T20:00:00+00:00\",\"dateModified\":\"2022-12-09T04:03:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1d2a393e4a57d6d45707374e94ab4fef\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ggp-arranges-new-mortgages-sells-two-non-core-properties\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/ggp-arranges-new-mortgages-sells-two-non-core-properties\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ggp-arranges-new-mortgages-sells-two-non-core-properties\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GGP Arranges New Mortgages, Sells Two Non-Core Properties\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1d2a393e4a57d6d45707374e94ab4fef\",\"name\":\"the Editors of Commercial Property Executive\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4a1f01b65b63f52e71ac6af809a4afbf3c978600fbf7dee759ae70950f9604c7?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4a1f01b65b63f52e71ac6af809a4afbf3c978600fbf7dee759ae70950f9604c7?s=96&d=mm&r=g\",\"caption\":\"the Editors of Commercial Property Executive\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/cpeadmin\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"GGP Arranges New Mortgages, Sells Two Non-Core Properties - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/ggp-arranges-new-mortgages-sells-two-non-core-properties\/","og_locale":"en_US","og_type":"article","og_title":"GGP Arranges New Mortgages, Sells Two Non-Core Properties","og_description":"Not long after outlining a plan for refinancing some of its debt over the next two years, as reported by CPN earlier this week, General Growth Properties has arranged three new mortgage loans on regional malls owned by the company in joint ventures. 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