Macerich Co. Secures $115 Million Loan For Deptford Mall Retail Property In New Jersey

The retail asset located at 1750 Deptford Center Road in Deptford, NJ encompasses a total square footage of 1,010,000. The property is currently 85% leased, with notable anchors such as Macy’s, JCPenney, and Boscov’s. Recently, a refinancing transaction occurred, providing a loan amount of $115,000,000 under a five-year term with interest-only payments.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $115,000,000
• Address: 1750 Deptford Center Road
• Market: Deptford, NJ
• Asset Size: 1,010,000 SF
• Landlord: Jackson Hsieh - Macerich Co.
• Loan Terms: five-year, interest only

Jackson Hsieh represents Macerich Co. in this transaction, which involved replacing a $131.74M mortgage on Deptford Mall at maturity with a new financing structure. This new arrangement, although carrying a higher coupon rate of 6.95%, eliminates amortization and reduces the annual debt service by approximately $3.3 million, thereby enhancing cash flow for the property.