Rouse Properties Finances Bayshore Mall for $46.5 Million
Company Release – 10/16/2014
3.96% Fixed Rate First Mortgage Loan
NEW YORK–(BUSINESS WIRE)– Rouse Properties, Inc. (NYSE:RSE), a national owner and operator of enclosed regional malls, announced today that it has closed on a new $46.5 million mortgage loan secured by Bayshore Mall in Eureka, CA. The non-recourse CMBS loan carries a fixed interest rate of 3.96% and matures in November, 2024.
“Since the date of our formation in early 2012, we have successfully transformed and repositioned Bayshore Mall. The addition of first-to-market, large format retailers such as ULTA Beauty, The Sports Authority, T.J. Maxx and Walmart, coupled with the completion of our multi-million dollar cosmetic renovation, has resulted in substantial gains in the productivity, sales and retailer mix throughout the mall,” said John A. Wain, Chief Financial Officer of Rouse Properties. “In addition, we continue to take advantage of extremely favorable interest rates and extend our maturity ladder.”
Bayshore Mall enjoys a dominant competitive position as the only regional mall within a 155-mile radius, with such tenants as Kohl’s, Walmart, Victoria’s Secret, Bath & Body Works, Foot Locker, Kay Jewelers, The Children’s Place, Zumiez, Bed Bath and Beyond, Petco and Pier 1 Imports.
The Company intends to use the loan proceeds to repay all outstanding indebtedness on the Company’s secured revolving credit facility and for general corporate purposes.
About Rouse Properties
Rouse Properties, Inc. (NYSE:RSE) is a publicly traded real estate investment trust headquartered in New York City and was founded on a legacy of innovation and creativity. Among the country’s largest publicly traded regional mall owners, the Company’s geographically diverse portfolio spans the United States from coast to coast, and includes 36 malls in 23 states encompassing approximately 25 million square feet. For more information please visit: www.rouseproperties.com.
Rouse Properties, Inc.
Source: Rouse Properties, Inc.