Updated Dec 20, 2023
GE Investors Restructures $794M Loan On 8M SF Retail Portfolio In West Covina, El Cajon, Olympia, Canton, Merrillville, Toledo & North Olmsted
112 Plaza Dr, West Covina, California, USA
$794,000,000
$99/SF
Building Size
8,000,000 SF
Asset Type
Retail
Closing
Oct 22, 2021
About this deal
AI
The portfolio consists of seven regional centers located in California, Indiana, Ohio, and Washington. The properties include Belden Village Mall in Canton, Ohio, with a total area of 829,000 square feet; Capital Mall in Olympia, Washington, spanning 802,000 square feet; Great Northern Mall in North Olmsted, Ohio, covering 1.18 million square feet; Parkway Plaza in El Cajon, California, with an area of 1.32 million square feet; Southlake Mall in Merrillville, Indiana, measuring 1.36 million square feet; Plaza West Covina in Covina, California, spanning 1.21 million square feet; and Franklin Park Mall in Toledo, Ohio, with a total area of 1.31 million square feet. The asset type for these retail properties is categorized as retail, and the total square footage of the portfolio is 8,000,000 square feet.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $794,000,000
- Loan Type: Restructuring
- Market: West Covina, CA; El Cajon, CA; Olympia, WA; Canton, OH; Merrillville, IN; Toledo, OH; & North Olmsted, OH
The loan amount for this restructuring transaction is $794,000,000. For more information about this loan, please contact [email protected] and [email protected].
Players
West Covina Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93