Rouse Properties Refinances Southland Center in Detroit for $78.75M

Rouse Properties, Inc. RSE today announced that it has closed on a new $78.75 million mortgage loan for Southland Center. The non-recourse loan bears interest at a fixed rate of 5.09% and matures in ten years. This asset was previously financed within the Company's Term Loan, which currently bears interest at a rate of 6.0%. Approximately $58.5 million of the proceeds were used to pay down the property's allocation of the Company's Term Loan, and $11.7 million was used to pay the release allocation, further reducing the Term Loan balance. Net proceeds to the Company after related closing costs are approximately $8.2 million.