Macerich Scores $525M Refi on Queens Center Mall
Retail REIT Macerich has refinanced Queens Center in the borough’s Elmhurst neighborhood at highly favorable terms with a new $525-million loan bearing fixed interest of 5.37% and interest-only payments during the entire term. “5.37% is the lowest rate on a refinance that Macerich has achieved since 2019, and this loan represents Macerich’s largest outstanding loan,” said Jack Hsieh, president and CEO. The property he said, is “consistently one of the best-performing properties in our entire portfolio,”
Hsieh added, “This completed transaction demonstrates confidence from the capital markets in Macerich’s assets and in progress on our Path Forward Plan, launched earlier this year, which is sharply focused on three key areas: simplifying our business, improving operational performance and reducing leverage. Through advantageous refinancings like this, among other strategic initiatives, we are continuing to advance Macerich’s mission to add long-term value for our shareholders, partners and customers.”
For Queens Center, Macerich carried a more conservative refinance assumption in its spring 2024 five-year forecast. “This is a major reason we believe we have room to potentially outperform our five-year refinance plan and to possibly achieve even greater FFO growth,” said Hsieh.
