Washington Prime Group (WPG) completes $117 million mortgage financing.
Washington Prime Group (WPG) announced today that it had refinanced a $47.6 million mortgage loan secured by four open air properties, and replaced it with a $117 million loan using the same collateral. The new loan has a fixed coupon of 3.67% and will result in net incremental proceeds of $68.1 million. WPG also said that it had closed on its previously announce ground lease transaction on four enclosed malls, resulting in additional net proceeds of $42.4 million. The company noted that these financing transactions "demonstrate [WPG's] continued ability to access capital to reduce corporate debt and fund ongoing redevelopment efforts."
Washington Prime Group is an owner of Class-B regional malls in secondary markets throughout the U.S. As of June 30, 2019, the company's portfolio included interests in 108 properties in 29 states with 38 million square feet of owned GLA. WPG has a total market capitalization of approximately $4.1 billion and is a member of the S&P SmallCap 600 Index.