TIAA And Simon Property Group Secure $615M Loan For The Florida Mall In Orlando

The Florida Mall is a retail asset located at 8001 South Orange Blossom Trail in the Orlando market. This super-regional mall encompasses a total square footage of 1,700,000 and is situated on 142 acres of land. The asset is set to undergo refinancing through a substantial loan arrangement.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $615,000,000
• Asset Address: 8001 South Orange Blossom Trail
• Market: Orlando
• Square Footage: 1,700,000 SF
• Acres: 142
• Lender: Bank of America, German American Bank, Societe Generale, BNP Paribas & PNC Bank
• Landlord: Thasunda Brown Duckett - TIAA; David Simon - Simon Property Group
• Loan Terms: Two-year note with three one-year extension options

The financing arrangement involves TIAA and Simon Property Group securing the loan to refinance a $600 million Barclays CMBS issued in 2022. This refinancing is focused particularly on a portion of the mall, covering 1.1 million square feet of the property. The loan is anticipated to close on February 18.