trending Market Intelligence /marketintelligence/en/news-insights/trending/SQu0xopSBtfhVkNSDu0ZSg2 content esgSubNav
In This List

Washington Prime details recent financing transactions

Video

According to Market Intelligence, December 2022

Blog

Insight Weekly: Layoffs swell; energy efficiency PE deals defy downturn; 2023 global risk themes

Blog

Insight Weekly: Energy crisis cripples Europe; i-bank incomes rise; US holiday sales outlook

Blog

Japan M&A By the Numbers: Q3 2022


Washington Prime details recent financing transactions

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.