Simon Property Group And Institutional Mall Investors Secure $1.2B Refinance For Houston Galleria

The property involved in the transaction is a retail asset located at 5085 Westheimer Road in Houston, encompassing a total square footage of 2,000,000. The transaction is a refinance, with a loan amount of $1,200,000,000. The loan features a 10-year term with interest-only payments. The asset is anchored by retailers such as Macy's, Nordstrom, Saks Fifth Avenue, and Neiman Marcus.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $1,200,000,000
• Address: 5085 Westheimer Road, Houston
• Market: Houston
• Asset Size: 2,000,000 SF
• Lender: Bank of America, Bank of Montreal, Barclays Capital, Citi Real Estate Funding, Natixis Real Estate Capital, Santander Bank, Societe Generale, Goldman Sachs, JPMorgan Chase Bank, Wells Fargo Bank
• Landlord: David Simon - Simon Property Group; Institutional Mall Investors
• Loan Type: Refinance
• Loan Terms: 10-year, interest-only

David Simon represents Simon Property Group in this transaction, along with Institutional Mall Investors. The refinancing was led by Bank of America among other notable lenders. The inline stores at the Houston Galleria have demonstrated strong cash flow, generating $1,266 per square foot in sales over the past year, which supported the CMBS-backed refinancing process.