Barclays, Bank Of America, And Bank Of Montreal Grant $294M Loan For Woodfield Mall Refinance

Barclays Capital, Bank of America, and Bank of Montreal have granted $294 million in mortgage financing for Woodfield Mall, a retail property located at 5 Woodfield Mall in Schaumburg, Illinois. The mall spans across 133 acres and is currently 95.5% occupied. The loan amount of $294,000,000 was used to refinance the property.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $294,000,000
• Address: 5 Woodfield Mall, Schaumburg, Illinois
• Market: Schaumburg
• Acres: 133

The loan provided by Barclays Capital, Bank of America, and Bank of Montreal is a 10-year loan with a coupon rate of 6.85%. The loan requires only interest payments for its full term, allowing the borrower to pay only the interest without paying down the principal. This loan facilitated the retirement of a previous $374.4 million loan, which had a higher interest rate and was set to mature in March.

Simon Property Group, represented by David Simon, is the landlord of Woodfield Mall. Institutional Mall Investors is also involved in the ownership of the property.