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Washington Prime Lands $117M Loan to Refi IL, IN and TX Centers
Washington Prime Group Inc. refinanced four of its open-air shopping centers in Illinois, Indiana and Texas. The Columbus, OH-based REIT repaid the $47.6-million mortgage loan previously secured by the assets, and simultaneously closed on a new $117-million loan for the properties.
The open-air assets are: Forest Plaza in Rockford, IL; Lakeline Plaza in Cedar Park, TX; Muncie Towne Plaza in Muncie, IN; and White Oaks Plaza in Springfield, IL.
The interest-only loan bears interest at a fixed rate of 3.67%. The loan will mature on Oct., 1, 2029.
Separately, Washington Prime completed a $98.9-million sale-leaseback of four enclosed assets to Kawa Capital Partners and Perennial Fee Investors. The property-level affiliates entered into 99-year ground leases.
Totaling 3.9 million square feet, the properties are: Edison Mall in Fort Myers, FL; Great Lakes Mall in Mentor, OH; Irving Mall, in Irving, TX; and Jefferson Valley Mall in Yorktown Heights, NY.
Pictured: Forest Plaza, Rockford, IL.
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- ◦Financing
