Wednesday, January 23, 2008

The Mall Gets Its Money

In these credit troubled times, the Wall Street Journal reports (subscription required) that General Growth Properties was able to refinance its mortgage on the mall by going to so-called balance-sheet lenders -- those that make loans and hold on to them, such as life insurers, some regional banks and pension funds.

TIAA-CREF and MetLife recently teamed up to provide General Growth Properties Inc., a real-estate investment trust, a $400 million loan to refinance Columbia Mall in Columbia, Md. The deal might have gone to Wall Street before the credit-market turmoil.

Sounds like the good old days, when big life insurers help Rouse get his start here. It also is a reminder that not everyone is putting their money under a mattress these are getting done, they just might be tougher to come by.

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