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Macerich, a retail REIT, has successfully refinanced Queens Center in Elmhurst at favorable terms. The new loan of $525 million comes with a fixed interest rate of 5.37% and allows for interest-only payments throughout the entire term.
According to Jack Hsieh, president and CEO of Macerich, this is the lowest rate achieved on a refinance since 2019 and it is also their largest outstanding loan. He also stated that Queens Center consistently performs as one of their top properties in their portfolio.
Hsieh emphasized that this successful transaction demonstrates confidence from capital markets in Macerich’s assets and progress on their Path Forward Plan launched earlier this year. This plan focuses on simplifying business operations, improving performance, and reducing leverage to add long-term value for shareholders, partners,and customers.
In regards to Queens Center specifically,Hsieh mentioned that they took a conservative approach when forecasting for the next five years until spring 2024.This gives them room to potentially exceed expectationsand achieve even greater FFO growth.
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