Macerich refinances Queens Center with new $525M loan

Macerich (MAC) has refinanced fortress property Queens Center at highly favorable terms with a new $525M 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, CEO “5.37% is the lowest rate on a refinance that Macerich has achieved since 2019, and this loan represents Macerich’s largest outstanding loan. 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.”