Business & Tech
Management Company Refinances Northbrook Court
Chicago-based General Growth Properties takes out new loan on Northbrook mall, along with four others nationwide.
General Growth Properties, owner of , announced Monday that it has refinanced its loan on the Lake Cook Road shopping mall.
According to a release from the company, General Growth Properties (GGP) has refinanced loans worth $966 million on four shopping malls nationwide, entering into four new fixed-rate mortgages with a weighted average interest rate of 4.63%, down from the prior loans’ average rate of 5.66%.
The new loan on Northbrook Court is $131 million, has an interest rate of 4.25% and is due in 2021, according to the release.
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GGP also refinanced loans on malls in Natick, MA; Riverside, CA; and Sugar Land, TX. The company owns and manages 166 large shopping malls in 43 states, according to its website. In October 2010, GGP emerged from one of the largest and most complex bankruptcy proceedings of any U.S. corporation.
Northbrook Court has recently seen the addition of two new stores: a Tiffany & Co. location opened in May and an H&M in September.
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