Macerich JV Secures Commitment For $95 Mln Loan; Declares Dividend

(RTTNews) - While reporting its financial results for the third quarter on Thursday, Macerich Co. (MAC), a self-administered real estate investment trust, said its joint venture has secured a commitment for a $95 million loan on Tysons Vita, the residential tower at Tysons Corner.

This 10-year loan will bear interest at a fixed interest rate of 3.30 percent, and is expected to close in November. The company noted that the loan will provide it incremental liquidity of about $47.0 million at the company's share.

Macerich added it has secured an extension of the $191.0 million loan on Danbury Fair to April 1, 2021. The loan amount and interest rate are unchanged following that extension.

The company has agreed to terms with the lender of the $103.9 million loan on Fashion Outlets of Niagara, and anticipates closing soon on a three-year extension to October 2023. The company expects that the loan amount and interest rate will remain unchanged following that extension.

Macerich's board declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable on December 3, 2020 to stockholders of record at the close of business on November 9, 2020.