Simon Property Group And LeFrak Family Secure $188 Million Loan For Newport Centre Mall In Jersey City

The Newport Centre mall is a retail asset located at 30 Mall Drive West in Jersey City, covering a total area of 966,071 square feet. The property is currently 92.5% occupied, and the recent mortgage secured is for a total amount of $188 million.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $188,000,000
• Address: 30 Mall Drive West
• Market: Jersey City
• Lender: Deutsche Bank & Goldman Sachs
• Landlord: David Simon - Simon Property Group; LeFrak Family
• Previous Loan Amount Paid Off: $155,000,000
• Cash Taken from New Loan: $30,600,000
• Loan Maturity: 2034
• Annual Debt Service Reduction: 20%

A venture between Simon Property Group and the LeFrak family facilitated this deal, securing the mortgage to pay off an existing loan and to access additional cash. The deal positions the property with Deutsche Bank and Goldman Sachs as lenders, while David Simon represents Simon Property Group in this transaction alongside the LeFrak family.