General Growth Properties (GGP) issued a press release yesterday announcing the refinancing of five shopping malls, totaling $743 million in new mortgages. The deal also provided a cash-out of $180 million that allowed a total of $563 million in existing mortgages to be refinanced. 

The statement by GGP also revealed that $139 million of the $180 million excess proceeds were used to pay down mortgage loans on four different assets. 

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