West Valley Mall Receives $52 Million in Refinancing

by Nate Hunter

Tracy, Calif. — Rouse Properties owns the 886,903-square-foot mall.

Tracy, Calif. — The West Valley Mall in Tracy has received a $52 million refinance. Rouse Properties, a publicly traded REIT based in New York City, owns the mall. The 886,903-square-foot shopping center is located along I-205, which connects the San Francisco Bay Area with San Joaquin County. The mall is anchored by Macy’s, Target, Sears and JC Penney. Other tenants include Bath & Body Works, Foot Locker, The Children’s Place, Victoria’s Secret and Zumiez.

The non-recourse mortgage carries a floating interest rate of LIBOR plus 175 basis points. It matures in five years, and includes a five-year extension option.

“This attractive refinancing of West Valley Mall is the result of improvements made to the mall since our spin-off in early 2012,” says John Wain, CFO of Rouse. “[This includes] substantial leasing accomplishments, cosmetic improvements made to enhance the quality of the mall offerings for the consumer and continued recovery in the economic landscape for the surrounding trade area.”

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