Washington Prime Group Inc. disclosed several recent financing transactions in Pennsylvania, Texas, Florida and Iowa.
The company agreed to retain Southern Hills Mall in Sioux City, Iowa, with the property and its $99.7 million mortgage to be transferred to the lender. The lender is then expected to sell the property to an affiliate of Washington Prime for about $55.0 million. The company expects to record a roughly $45.0 million gain on debt extinguishment and the transaction is expected to close in October.
The company agreed to sell Colonial Park Mall in Harrisburg, Pa., to a private real estate investor for $15.0 million and expects to record a noncash impairment charge of roughly $20.9 million from the sale for the nine months ended Sept. 30.
Washington Prime extinguished a $40.0 million mortgage loan secured by Valle Vista Mall in Harlingen, Texas, through the transition of the property to the lender, and the company expects to see a roughly $27.0 million gain on debt extinguishment from the transaction.
The company repaid a $99.6 million mortgage loan on WestShore Plaza in Tampa, Fla., and added the property to its unencumbered assets pool.