Macerich, the owner of Tysons Corner Center, has secured $710M to refinance the 1.8M SF shopping mall, the largest in the region.

The new sum turns the center’s debt into a CMBS loan with a 6.6% fixed interest rate and interest-only payments throughout its five-year term, according to a Tuesday news release from Macerich. It replaces $666M in debt that was set to expire at the start of next month, a loan that totaled $850M when it was secured in 2013.

“We are very pleased to complete this large refinancing, which had a very efficient execution,” Macerich Chief Financial Officer Scott Kingsmore said in the release.

CoStar first reported that the deal was under agreement Nov. 22, citing documentation with the Securities and Exchange Commission. The deal closed on Monday, according to the release.

A group of lenders led by Deutsche Bank, along with Bank of Montreal, Goldman Sachs and JPMorgan Chase, originated the CMBS loan, CoStar reported, citing the SEC filing.

Tysons Corner Center, anchored by Nordstrom, Bloomingdale’s and Macy’s, had a leased occupancy of 96% as of the third quarter and generates $1,200 in sales per SF, according to the release.

L.L. Bean shuttered its 76K SF store at the center last year. The Maine-based outdoors brand had been located at Tysons since 2000, its first location outside its Portland headquarters.

Macerich is in the process of redeveloping the site of the vacant Lord & Taylor, which shuttered in 2020. The Fairfax County Board of Supervisors in September approved the new uses, which will include a mix of office, retail and possibly residential.

Meanwhile, a competing shopping center that sits 10 miles away, Fair Oaks Mall, is feeling financial distress. Owners Taubman Centers and Olshan Properties missed an extended deadline last month on $239M in loans, the Washington Business Journal reported last week.

CORRECTION, DEC. 5, 4:20 P.M. ET: An earlier version misidentified Fair Oaks Mall's owners. This story has been corrected.