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Brookfield Property secures $265M refinancing for Missouri mall

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Brookfield Property secures $265M refinancing for Missouri mall

Brookfield Property Partners LP landed a $265 million loan from Deutsche Bank and Société Générale for the refinancing of its 1.2 million-square-foot Saint Louis Galleria mall in Richmond Heights, Mo., Commercial Observer reported.

The facility will replace $215 million of previous debt from Deutsche Bank that was securitized into prior commercial mortgage-backed securities deals in 2013 and 2014, according to the report.

Of the $265 million, $45 million of senior debt will be funneled toward the upcoming UBS 2018-C15 transaction, while $195 million will be used for securitization in other deals. The financing also includes a $25 million mezzanine piece co-originated by the two lenders, the publication added.

The 10-year loan carries a 5% interest rate.

A spokesman for the German bank declined to comment, while Société Générale and Brookfield representatives did not immediately respond to requests for comment, the publication said.