Skip to main content

Macerich Completes $710 Million Refinancing of Tysons Corner Center

Written by Customer Service on . Posted in Public Companies.

Tysons Corner Center Exterior

Tysons Corner Center in Virginia
Tysons Corner Center in Virginia

Tysons Corner Center, A Macerich Property

Tysons Corner Center, A Macerich Property
Tysons Corner Center, A Macerich Property

SANTA MONICA, Calif., Dec. 05, 2023 (GLOBE NEWSWIRE) — Macerich (NYSE: MAC), one of the nation’s leading owners, operators and developers of major retail and mixed-use properties in top markets, today announced that Macerich’s joint venture that owns Tysons Corner Center has just closed a $710 million refinance on this high-quality property in Northern Virginia.

The new CMBS loan, which closed on Monday, Dec. 4, bears a fixed interest rate of 6.60% with interest-only payments throughout the loan term, matures on Dec. 6, 2028, and replaces an existing $666 million loan that was scheduled to mature on Jan. 1, 2024.

Tysons Corner Center is a 1.8 million square foot, super-regional retail powerhouse anchored by Nordstrom, Bloomingdale’s and Macy’s that attracts 16 million annual visits. While not serving as collateral for this new loan, the property is also home to numerous mixed uses, including office, residential and hospitality. Consistently among Macerich’s Top 10 Regional Town Centers, Tysons Corner Center generates $1,200 sales per square foot and had leased occupancy of 96% as of Q3 2023.

“We are very pleased to complete this large refinancing, which had a very efficient execution,” said Scott Kingsmore, Macerich’s Senior Executive Vice President and Chief Financial Officer. “Collectively, along with numerous other deals, we have completed $2.7 billion ($1.9 billion at Macerich’s share) of loan transactions in 2023, including the recent renewal of our corporate credit facility, which was closed in September.”

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 47 million square feet of real estate consisting primarily of interests in 44 regional town centers. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. A recognized leader in sustainability, Macerich has achieved a #1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for nine consecutive years (2015-2023). For more information, please visit www.Macerich.com.

Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at investing.macerich.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found through social media platforms such as LinkedIn. Reconciliations of non-GAAP financial measures, including NOI and FFO, to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which are posted on the Investor Relations website at investing.macerich.com.

MAC-I

SOURCE: Macerich

MEDIA CONTACT: Karen Maurer, Macerich, 602-708-6311, Website: http://www.macerich.com

Photos accompanying this announcement are available at: 

https://www.globenewswire.com/NewsRoom/AttachmentNg/2f098380-9d7d-4e02-a426-1d282360faa5

https://www.globenewswire.com/NewsRoom/AttachmentNg/67467bfa-f3c9-43b8-8e14-03503083384d

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.