David Simon Of Simon Property Group Secures $551.25M Refinance Loan For International Plaza In Tampa
Florida
See Similar DealsDavid Simon Of Simon Property Group Secures $551.25M Refinance Loan For International Plaza In Tampa
2223 North West Shore Boulevard
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The asset involved in this transaction is a retail property located at 2223 North West Shore Boulevard in Tampa. It is part of the International Plaza, which has demonstrated robust performance metrics, evidenced by inline sales amounting to $1,539 per square foot and an annual cash flow of $66.15 million. The refinancing deal was secured for a total of $551,250,000, replacing a previous mortgage of $477 million with similar terms structured as a five-year, interest-only loan.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $551,250,000
- Lender: Goldman Sachs, J.P. Morgan Chase & Wells Fargo
- Landlord: David Simon - Simon Property Group
- Loan Type: Refinance
- Loan Terms: five-year, interest only
- Previous Mortgage Amount: $477,000,000
- Cash Out Amount: $81,530,000
- Inline Sales: $1,539/SF
- Annual Cash Flow: $66,150,000
This transaction involved key stakeholders including David Simon, representing Simon Property Group as the landlord. The lenders, Goldman Sachs, J.P. Morgan Chase, and Wells Fargo collaborated to facilitate this transaction, allowing for a substantial cash out and underscoring the asset's strong performance in the retail market.
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