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Recent Macerich loans top $500 million



By AP
04 October 2008 @ 04:07 am AEST

SANTA MONICA, Calif. - The Macerich Co., a real estate investment trust, said Friday that it has closed three loans and has commitments on two others totaling $538.6 million.

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The loans include a $150 million refinancing of Broadway Plaza in Walnut Creek, Calif., a $29.7 million loan on Chandler Festival, a $18.9 million loan on Chandler Gateway and a $90 million loan on South Towne Center in Sandy, Utah. Macerich has also reached an agreement on a $250 million refinancing of Washington Square Mall in Portland, Ore.

The company said that upon completion of the recent transactions, it will have completed 12 loans on the year for more than $1.6 billion.

Shares fell $4.22, or 7.8 percent, to $50.23 in afternoon trading.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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