Seritage Growth prepays $80 million of Berkshire Hathaway term loan

By Wendy Van Sickle

Columbus, Ohio, Sept. 26 – Seritage Growth Properties announced a further repayment on its $1.6 billion original size term loan facility provided by Berkshire Hathaway Life Insurance Co. of Nebraska, according to a news release.

The company made a voluntary $80 million prepayment on Sept. 26.

This reduces the balance to $400 million as Seritage has repaid a total of $1.2 billion since December 2021.

The current prepayment will reduce Seritage’s total annual interest expense related to the term loan facility by approximately $5.6 million. The cumulative repayments since December 2021 have reduced Seritage’s total annual interest expense related to the term loan facility by approximately $84 million.

Seritage is a New York-based owner and developer of retail, residential and mixed-use properties.

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