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Macerich Refinances Top-Performing Queens Center at Favorable Terms

5.37% Fixed Rate for 5 Years, Interest Only, on $525M Loan

Lowest Refi Rate Achieved by Company in Past 5 Years

SANTA MONICA, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) --  Macerich (NYSE:MAC), one of the nation's leading owners, operators and developers of major retail properties in top markets, today announced that it has refinanced fortress property Queens Center at highly favorable terms with a new $525 million loan bearing fixed interest of 5.37% and interest-only payments during the entire term.

"We are pleased to share details on our just-completed refinance of Queens Center, consistently one of the best-performing properties in our entire portfolio," said Jack Hsieh, President and Chief Executive Officer, Macerich. "5.37% is the lowest rate on a refinance that Macerich has achieved since 2019, and this loan represents Macerich's largest outstanding loan."

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 ...