Seaport Developer General Growth Refinances, Still Faces Default

breakseastharlem 1 Seaport Developer General Growth Refinances, Still Faces DefaultFrom the Wall Street Journal this morning:

[General Growth Properties] completed $896 million of mortgage loans used to retire a $58 million bond that matured Thursday and refinance $814 million in mortgage loans maturing next year. General Growth said the loans are separate from the $900 million in debt backed by two of its malls in Las Vegas that is facing a Friday deadline. … If no agreement is reached on those loans, which were originally due Nov. 28, the company’s banks could declare it in default on that debt, triggering cross defaults on other General Growth debts and forcing the company to seek bankruptcy protection.

General Growth is redeveloping the South Street Seaport and leading the development of a mixed-use, mixed-income complex on East 125th Street.