GGP Finances $1.5B of Property-Level Debt Interest Rate Decreases From 5.58% to 3.88%

General Growth Properties GGP today announced $1.5 billion of property-level financings. The new loans have a weighted average interest rate and term of 3.88% and nine years, respectively, as compared to a rate of 5.58% and a remaining term-to-maturity of less than one year. The transactions generated approximately $137 million of net proceeds after repayment of existing mortgage notes.