banking

General Growth gets another loan extension

General Growth Properties, a Chicago-based real estate trust that owns Ala Moana Center and Ward Centers, has received an extension on some of its debt through March 15.

The company (NYSE: GGP) made the debt agreements with its lender syndicates for both the 2006 senior credit agreement and its secured portfolio facility, whose forbearance agreements expired Monday.

It agreed to certain additional restrictions and covenants, which the company did not identify, while the lenders agreed that other company defaults would not cause a termination of the new forbearance agreements before their expiration.

In mid-November, General Growth warned that it might seek bankruptcy protection if it couldn’t restructure of refinance its heavy debt load.

On Dec. 10, Fitch Ratings downgraded the company and warned that a default on nearly $900 million in debt was likely. Two days later, General Growth said it had borrowed $896 million, which it used to retire a $58 million bond issued by the Rouse Co., as well as refinance $814 million of mortgage indebtedness that was originally scheduled to mature in 2009. The new mortgages mature in 2013 and 2015.

The new agreements give General Growth a bit of breathing room to reschedule or refinance its heavy debt load. The company owns or manages about 200 malls in 44 states.

Source: PBN

banking

Finance Factors opens Chinatown office

Finance Factors is scheduled to open its 13th location on Friday at 102 N. King St. in Chinatown at the intersection of King and Maunakea streets. The branch will provide residential and commercial real estate loans, home-equity credit lines and portfolio mortgage loans. The Chinatown branch’s opening comes after Finance Factors opened its Liliha location in October 2008. The company’s 14th branch is set to open in Manoa later this year.