Macerich has secured a $540 million loan from JPMorgan Chase to refinance its Kings Plaza Shopping Center at 5100 Kings Plaza. The new mortgage replaces $427.4 million in previous debt, which was repaid at closing. It also includes $60 million in fresh financing. The 10-year loan carries a fixed interest rate of 3.62%.
- Flashback: The REIT acquired the Mill Basin shopping center from Vornado for $751 million in 2012.
- Worth Noting: In 2018, the retail giant invested $110 million to redevelop the former 4-level Sears store with Primark, Zara, JCPenney, and Burlington. It also included a renovation of the mall’s exterior along Flatbush Avenue. The property generated $735 per square foot, according to a press release.