Macerich Closes $710M Refinancing Deal For Tysons Corner Center
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.
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.