General Growth Gets Extension for $900M Loan
Chicago General Growth Properties Inc. said Wednesday it received another extension on $900 million in loans for two Las Vegas properties.
Lenders agreed to place the loans in forbearance until Feb. 12 as the company looks to sell some of its assets or raise fresh capital to help pay upcoming debt maturities.
The mortgages cover two Las Vegas malls, Fashion Show and Palazzo. The company is also trying to sell its Las Vegas locations. It had received a two-week extension on the loans for the Las Vegas properties earlier this month.
The company is saddled with a huge debt it acquired during the real estate market's boom years when it aggressively bought up assets.
General Growth has a stake in more than 200 shopping malls in 44 states.