Macerich Co. secured a $540.0 million loan on its Kings Plaza Shopping Center in Brooklyn, N.Y.

The new loan bears a fixed interest rate of 3.62% and matures Jan. 1, 2030.

The retail landlord used the new loan to repay an existing loan of $427.4 million on the property, while the excess amount was used to reduce borrowings under its revolving line of credit.

Kings Plaza underwent a $110 million redevelopment in 2018.