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 days...deals are getting done, they just might be tougher to come by.
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