Macerich, a leading real estate investment trust, recently announced the successful completion of a $710 million refinancing for Tysons Corner Center in Northern Virginia. The new CMBS loan was finalized on December 4 and features an attractive fixed interest rate of 6.60% with interest-only payments until its maturity date on December 6, 2028. This refinancing replaces the previous loan of $666 million which was set to mature on January 1, 2024.
Tysons Corner Center is a premier retail destination spanning over 1.8 million square feet and anchored by renowned retailers such as Nordstrom, Bloomingdale’s and Macy’s. In addition to its retail offerings, the center also boasts mixed-use components including office space, residential units and hospitality options. With impressive sales per square foot averaging at $1,200 and an impressive occupancy rate of over96%, as reported in Q3 of this year.
According to Scott Kingsmore,Macerich’s senior executive vice presidentand chief financial officer,”Collectively with numerous other deals completed this year totaling$2 .7 billion ($1 .9 billion at Macerich’s share), we are pleasedto have successfully secured financing for Tysons Corner Center.”This includes recent renewals such as our corporate credit facility closed in September.”
The post announcing Macerich’s achievement highlights their successin securing significant loans amounting to billions throughoutthe currentyear alone.The latest beinga substantialrefinancing dealfor their flagship property,TysonCornerCenter.This accomplishment further solidifiesMacrichas oneofthe top playersin thereal estate industrywithits continued focuson growthand financial stability.
