CHICAGO--(BUSINESS WIRE)--May. 1, 2013--
General Growth Properties, Inc. (“GGP”), U.S. Bank and RBC Capital
Markets announced today that they have closed on a $1.5 billion secured,
term loan that will refinance 16 of GGP’s existing properties in the
U.S. Bank acted as joint-lead arranger, joint bookrunner and
administrative agent on the transaction, while RBC Capital Markets
served as joint-lead arranger (left), joint bookrunner and syndication
agent. There were 11 other co-lenders in the facility.
“We are pleased to complete this transaction for GGP, a long-time client
of U.S. Bank,” said Joe Hoesley, vice chairman of Commercial Real Estate
at U.S. Bank. “Together with our partners, we were able to raise over
$1.8 billion in commitments for this credit facility, demonstrating the
strong appetite lenders have for quality commercial real estate assets.”
The loan was originated out of U.S. Bank’s commercial real estate office
General Growth Properties is a fully integrated,
self-managed and self-administered real estate investment trust focused
exclusively on owning, managing, leasing, and redeveloping high-quality
regional malls throughout the United States. GGP's portfolio is
comprised of 124 regional malls in the United States comprising
approximately 124 million square feet. GGP is headquartered in Chicago,
Illinois, and publicly traded on the NYSE under the symbol GGP.
About U.S. Bank Commercial Real Estate
U.S. Bank Commercial
Real Estate specializes in providing creative credit and non-credit
financial solutions for real estate developers, REITs, and commercial
property owners across the United States. U.S. Bank offers such services
as construction/development lending, property acquisition lending,
refinancing, lines of credit, and syndications. With an employee base of
400 professionals in 25 offices, U.S. Bank Commercial Real Estate builds
long-term relationships designed to help American businesses grow.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $355 billion
in assets as of March 31, 2013, is the parent company of U.S. Bank, the
5th largest commercial bank in the United States. Celebrating its 150th
anniversary this year, the company operates 3,080 banking offices in 25
states and 5,056 ATMs. The bank provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. Visit U.S.
Bancorp on the web at www.usbank.com.
Source: U.S. Bank
U.S. Bank Public Relations