Macerich lands nearly $500M refi for Kings Plaza Shopping Center

first_imgKings Plaza Shopping Center and JPMorgan’s Jamie DimonRetail giant Macerich has landed a $487 million refinancing for its Kings Plaza Shopping Center amid a bleak environment for malls.The money for the recently redeveloped Brooklyn mall came from JPMorgan Chase and includes almost $60 million in new financing, according to property records. Macerich had alluded to an expected refinancing of Kings Plaza in its third quarter earnings call, but the company did not specify the lender or the price.Macerich CEO Thomas E. O’Hern (Credit: Macerich)Representatives for Macerich did not respond to a request for comment. JPMorgan Chase declined to comment.ADVERTISEMENTMacerich purchased the Mill Basin shopping center in 2012 from Vornado Realty Trust for $751 million. A fire tore through a parking garage at the property last September, injuring almost two dozen people. It did not spread to any stores.The company also landed a $300 million refinancing from MetLife for its Fashion Outlets of Chicago mall in Rosemont at the beginning of the year.Malls have recently been struggling to deal with retail closures and bankruptcies as consumers shift toward e-commerce. Regional mall real estate investment trusts posted annual losses of 13.5 percent, according to September data from Barclays, and some experts think that retail’s struggles could decrease the number of U.S. malls to just a few hundred from roughly 1,200 today.Fashion retailer Forever 21, for instance, declared bankruptcy in September and will close its store in Kings Plaza as part of its restructuring.However, Macerich executive Jesse Franklin made headlines in May when he said the “retail apocalypse is a good thing” on a panel at the International Council of Shopping Centers convention in Las Vegas.“It’s calling out all of those retailers that haven’t invested in their brand, that aren’t connecting with customers,” he said, “and it’s going to allow us to bring in a new set of retailers that are actually much more connected to customers and allow our centers to thrive.” This content is for subscribers only.Subscribe Nowlast_img read more

Rio prosecutors charge Adriano with drug-related crime

first_imgBy Andrew DownieFormer Brazil striker Adriano has been charged in connection with drug trafficking by a public prosecutor in Rio de Janeiro, court officials said.Prosecutors allege that the 32-year-old former Inter Milan, Flamengo and Corinthians player bought a motorbike for a Rio drug trafficker to use in criminal activities in 2008.He is accused of aiding and abetting the trafficker whom prosecutors say was a childhood friend of his in Vila Cruzeiro, one of Rio’s most violent favelas.“The accused, freely and consciously, in collaborating in the trafficking of drugs, associated with active traffickers in the Vila Cruzeiro (favela) with the intention of facilitating the illicit trafficking of drugs and related activities,” the statement read.Adriano’s spokesperson told Reuters judicial officials have not formally presented the player – whose full name isAdriano Leite Ribeiro – with the charges and he has no knowledge of them.Adriano is in Le Havre negotiating a return to football with the French second division club and will only face trial if a judge decides there is merit to the accusations.The troubled striker won the Copa America and the Confederations Cup with Brazil and two Serie A scudettos with Inter Milan but has spent years battling drink and weight problems.He has been out the game since attempting a brief comeback with Atletico Paranaense earlier this year.last_img read more