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Macerich secures $300M refinancing for Illinois outlet center

California-based Macerich Co. obtained a $300 million refinancing from MetLife for its Fashion Outlets of Chicago in Rosemont, Ill., ahead of a major expansion of the shopping mall, The Real Deal reported, citing Cook County records.

The 12-year, fixed-rate loan, which closed Jan. 10, replaced a $200 million floating-rate loan, the Jan. 17 report added, citing Macerich executives.

The real estate investment trust entered into an agreement in 2018 to extend the 538,000-square-foot asset by at least 225,000 square feet.

Tenants at the outlet center include department store chains Bloomingdale's and Neiman Marcus, Nike and fashion retailer Nordstrom Rack.

A Macerich spokesperson did not answer a request for comment, the publication added.