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DDR closes $1.35B mortgage loan

Shopping center real estate investment trust DDR Corp. closed a $1.35 billion mortgage loan associated with its proposed spinoff of Retail Value Inc.

The loan is collateralized by mortgage liens on the 38 continental U.S. assets, a pledge of the equity interests in the owners of the 12-asset Puerto Rico portfolio, as well as a pledge of the cash flows from the Puerto Rico assets that will comprise the spinoff.

DDR expects the loan proceeds to be used for debt repayment.

The lenders were a Credit Suisse AG affiliate, JP Morgan and Wells Fargo.