General Growth gets extension for $900M loan

CHICAGO (AP) -- Shopping-mall owner General Growth Properties Inc. has said it received another extension on $900 million in loans for two Las Vegas properties.

Lenders agreed to place the loans in forbearance until Feb. 12 as the Chicago company looks to sell some of its assets or raise fresh capital to help pay upcoming debt maturities. The mortgages cover two Las Vegas malls, Fashion Show and Palazzo. The company is also trying to sell its Las Vegas locations. It had received a two-week extension on the loans for the Las Vegas properties earlier this month.

The country’s second-largest mall owner is saddled with a huge debt it acquired during the real-estate market’s boom years when it aggressively bought up assets. Refinancing that debt has proven difficult amid a global credit crunch.