General Growth Properties Inc. (GGP), U.S. Bank and RBC Capital Markets have closed on a $1.5 billion secured, term loan that will refinance 16 of GGP's existing properties in the U.S. U.S. Bank's commercial real estate office in Chicago originated the loan.
‘We are pleased to complete this transaction for GGP, a long-time client of U.S. Bank,’ says 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.’
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, joint bookrunner and syndication agent. There were 11 other co-lenders in the facility.