Mall REIT Obtains $2.2B Commitment

The Mills Corp., an Arlington, Va.-based owner and operator of entertainment malls, has obtained a $2.23 billion commitment from Goldman Sachs Mortgage Co. (subject to certain contingencies) to boost its liquidity and financial flexibility.The real estate investment trust said the commitment consists of a senior term loan of up to approximately $1.48 billion and first-mortgage facilities totaling approximately $746 million. Laurence C. Siegel, the company's chairman and chief executive officer, said the commitment is part of "a series of important initiatives" in recent months that include restructured operations and layoffs, the hiring of a new chief operating officer and executive vice president of finance and accounting, and the hiring of financial advisers to explore strategic alternatives. The REIT can be found online at http://www.themills.com.