Washington Prime Group

Strategic Value Partners Appoints Mike Ungari as Head of Real Estate

Retrieved on: 
Thursday, March 14, 2024
Real estate, COVID, Goldman Sachs, Asset, Real, SVP, Acquisition, Washington Prime Group, Transport, Head, Currency crisis, Accenture, Partner

GREENWICH, Conn., March 14, 2024 /PRNewswire/ -- Strategic Value Partners, LLC (together with its affiliates, "SVP" or the "firm"), a global alternative investment firm focused on opportunistic credit opportunities with over $18 billion of assets under management, today announced the appointment of Mike Ungari as Head of Real Estate to lead the firm's global real estate business and portfolio. Mr. Ungari will also serve on SVP's Management Council and Investment Committee.

Key Points: 
  • GREENWICH, Conn., March 14, 2024 /PRNewswire/ -- Strategic Value Partners, LLC (together with its affiliates, "SVP" or the "firm"), a global alternative investment firm focused on opportunistic credit opportunities with over $18 billion of assets under management, today announced the appointment of Mike Ungari as Head of Real Estate to lead the firm's global real estate business and portfolio.
  • While at Goldman, Mr. Ungari was involved in over $19 billion of complex real estate transactions across equity, development, opportunistic credit and take privates across all asset types.
  • Mr. Ungari also spent over a decade in Goldman Sachs' Special Situations Group, including leading the Asset Investing team which focused on commercial real estate, consumer and transportation assets.
  • Prior to Goldman Sachs, Mr. Ungari was at GE Asset Management in the Real Estate Group.

WPG Successfully Completes Transformational Portfolio Refinance

Retrieved on: 
Tuesday, November 14, 2023
Retail, Other Retail, Other Construction & Property, Department Stores, Commercial Building & Real Estate, Construction & Property, REIT, Citigroup, WGP, JPMorgan Chase, History, Washington Prime Group, Goldman Sachs, CMBS, Partnership, SVP, WPG

WPG (the “Company”), formerly Washington Prime Group, a national leader in the ownership, management and development of retail properties, today announced the successful closing of $1.005 billion securitized mortgage financing.

Key Points: 
  • WPG (the “Company”), formerly Washington Prime Group, a national leader in the ownership, management and development of retail properties, today announced the successful closing of $1.005 billion securitized mortgage financing.
  • The new non-recourse loan repaid and eliminated the Company’s corporate debt, substantially reduced its borrowing costs, and once again demonstrated strength of the underlying asset base.
  • Goldman Sachs, Citi and JPMorgan Chase led the single asset single borrower (SASB) CMBS transaction, collateralized by 38 open-air retail centers totaling 8.5 million square feet in 15 states.
  • Eastdil Secured served as exclusive financial advisor and debt placement agent to WPG and SVP.

Prime Group Acquires Four Self Storage Facilities Along East Coast

Retrieved on: 
Wednesday, September 27, 2023
Commercial Building & Real Estate, Construction & Property, LP, Acquisition, Washington Prime Group, Self storage

Prime Group Holdings, LLC (“Prime Group”), a vertically-integrated private equity real estate firm, today announced the acquisition of four self storage properties comprised of approximately 362,000 rentable square feet and 3,540 units along high-traffic corridors in key metropolitan areas along the East Coast.

Key Points: 
  • Prime Group Holdings, LLC (“Prime Group”), a vertically-integrated private equity real estate firm, today announced the acquisition of four self storage properties comprised of approximately 362,000 rentable square feet and 3,540 units along high-traffic corridors in key metropolitan areas along the East Coast.
  • The properties will be managed by Prime Group and will be operated under the Prime Storage brand.
  • “We are pleased to continue applying our proven institutional management process to enhancing and optimizing operations at self storage facilities in affluent East Coast markets with consistently growing populations.”
    The acquisitions follow Prime Group’s recent successful closing of its third flagship self storage fund, Prime Storage Fund III LP, at the fund’s hard cap of $2.5 billion, making it Prime Group’s largest fund to date.
  • Since inception, Prime Group has owned and operated 359 self-storage facilities representing more than 201,000 storage units and over 25.2 million rentable square feet.

Prime Group Acquires Office Building Located at 395 Broadway in Saratoga Springs, NY

Retrieved on: 
Thursday, August 17, 2023
Commercial Building & Real Estate, Construction & Property, Finance, Asset Management, Banking, Professional Services, REIT, Residential Building & Real Estate, Border, Principal, Division Street, Washington Prime Group, Financial services

Prime Group Holdings, LLC (“Prime Group”), a vertically-integrated private equity real estate firm, today announced it has acquired 395 Broadway, a two-story, 25,000 square foot office building in Downtown Saratoga Springs, New York.

Key Points: 
  • Prime Group Holdings, LLC (“Prime Group”), a vertically-integrated private equity real estate firm, today announced it has acquired 395 Broadway, a two-story, 25,000 square foot office building in Downtown Saratoga Springs, New York.
  • The purchase was coordinated by Robert and Lisa Moser on behalf of Prime Group.
  • Located on the corner of Broadway and Division Street, the property is the former headquarters of Fingerpaint Marketing, and was developed originally as a Borders bookstore.
  • Prime Group intends to renovate the building to enhance its exterior aesthetic and update the internal layout of the space to maximize functionality.

Coastal Ridge Real Estate Appoints Chief Financial Officer, Mark Yale

Retrieved on: 
Wednesday, March 22, 2023
Treasury, Housing, Glimcher, Coast, REIT, Washington Prime Group, Partner (business rank), Mark Yale Harris, Acquisition, Glimcher Realty Trust, Entrepreneurship, Financial management, Information services, Management

Columbus, Ohio, March 22, 2023 (GLOBE NEWSWIRE) -- Coastal Ridge Real Estate (“Coastal Ridge”) a national multifamily investment, management, and development firm, announced today that Mark Yale has joined the firm as Chief Financial Officer.

Key Points: 
  • Columbus, Ohio, March 22, 2023 (GLOBE NEWSWIRE) -- Coastal Ridge Real Estate (“Coastal Ridge”) a national multifamily investment, management, and development firm, announced today that Mark Yale has joined the firm as Chief Financial Officer.
  • Mr. Yale was most recently an Executive Vice President and Chief Financial Officer of Washington Prime Group following the Company’s January 2015 acquisition of Glimcher Realty Trust.
  • While at Glimcher, Mr. Yale served as its Chief Financial Officer since August 2004.
  • “The addition of Mark to our executive leadership team will allow Coastal Ridge to continue our expansive growth,” said Patrick McBride, Co-Founder and Managing Partner at Coastal Ridge.

Shaner Hotels Converts Courtyard by Marriott Marathon Florida Keys to Courtyard Faro Blanco Resort

Retrieved on: 
Wednesday, March 22, 2023
Commercial Building & Real Estate, Vacation, Lodging, Construction & Property, Destinations, Travel, Heart, Washington Prime Group, Marathon, Florida, LCD, Florida Keys, Television, Florida Keys Keynoter, Shaner, Hotel, Eventide

Officials of Shaner Hotels, an award winning, international hotel owner, operator and developer, today announced the completed conversion of the 124-room Courtyard by Marriott Marathon Florida Keys to the Courtyard Faro Blanco Resort.

Key Points: 
  • Officials of Shaner Hotels, an award winning, international hotel owner, operator and developer, today announced the completed conversion of the 124-room Courtyard by Marriott Marathon Florida Keys to the Courtyard Faro Blanco Resort.
  • The newly converted property, owned by Prime Group and operated by Shaner, marks Marriott International’s first Courtyard Resort in the United States.
  • "Courtyard Faro Blanco Resort immediately will benefit from Shaner’s shared practices with our growing portfolio of nearly 20 hotels throughout Florida.
  • Courtyard Faro Blanco Resort quickly will become a top resort destination of choice for travelers seeking a distinctly Florida Key's vacation experience."

Prime Group Raises $2.5 Billion For Oversubscribed Third Self Storage Fund

Retrieved on: 
Thursday, January 26, 2023
Professional Services, Other Construction & Property, Commercial Building & Real Estate, Finance, Construction & Property, Asset Management, Insurance, EfTEN Real Estate Fund III, Fund, Washington Prime Group, History, Financial services

Prime Group Holdings, LLC (“Prime Group”), a vertically-integrated private equity real estate firm, today announced that it successfully closed its third flagship self storage fund, Prime Storage Fund III, LP (“Fund III” or the “Fund”), at the Fund’s hard cap of $2.5 billion, exceeding its $1.5 billion target.

Key Points: 
  • Prime Group Holdings, LLC (“Prime Group”), a vertically-integrated private equity real estate firm, today announced that it successfully closed its third flagship self storage fund, Prime Storage Fund III, LP (“Fund III” or the “Fund”), at the Fund’s hard cap of $2.5 billion, exceeding its $1.5 billion target.
  • Fund III, which closed in December 2022, is the company’s largest fund to date, and the largest fund ever raised focused exclusively on self storage.
  • Fund III builds on Prime Group’s proven strategy of acquiring self storage assets in undersupplied markets across the U.S. and streamlining operations through institutional management.
  • Since inception, Prime Group has owned and operated over 320 self storage facilities representing approximately 180,000 storage units and over 22 million rentable square feet.

Harris, Award-Winning Construction Exec, Joins Store Space

Retrieved on: 
Thursday, August 18, 2022
Multimedia, Growth, Ala Moana Center, Architecture, History, OH, Winter Garden, Company, Acquisition, National Association, COO, San Diego State University, Construction, GGP Inc., Washington Prime Group, ICSC, Corporate Office Properties Trust, Interior design, Oil, Management, Development

WINTER GARDEN, Fla., Aug. 18, 2022 /PRNewswire/ -- Store Space Self Storage is proud to announce the hiring of Stephen Harris as President of Construction at Store Space.

Key Points: 
  • WINTER GARDEN, Fla., Aug. 18, 2022 /PRNewswire/ -- Store Space Self Storage is proud to announce the hiring of Stephen Harris as President of Construction at Store Space.
  • "It's great to welcome Stephen into the Store Space family," said Rob Consalvo, COO, and President of Store Space.
  • Harris, who joined Store Space in May, cited the company's growth trajectory and plans for increased ground-up development as one of the driving factors in his decision.
  • In addition to Harris, the Store Space Construction Division has also added Shimon Kanter, Vice President of Development, J. Scott Masterson, Vice President of Construction, and Scott Claflin, Senior Director of Cap-Ex.

Slate Asset Management Provides $147.0 Million Senior Loan Facility for the Refinancing of Three Class A Self Storage Assets Located in New York City

Retrieved on: 
Tuesday, August 16, 2022
Professional Services, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, Asset Management, REIT, Acquisition, Industry, Capital Group Companies, Asset, Washington Prime Group, Commercial property, Self storage, Financial services, Slate

Slate Asset Management (Slate), a global alternative investment platform focused on real estate and infrastructure, announced today that Slate Real Estate Capital, the private credit business of Slate, has provided a $147.0 million senior loan facility to Prime Group for the refinancing of three Class A self storage assets (the Assets) located in New York City.

Key Points: 
  • Slate Asset Management (Slate), a global alternative investment platform focused on real estate and infrastructure, announced today that Slate Real Estate Capital, the private credit business of Slate, has provided a $147.0 million senior loan facility to Prime Group for the refinancing of three Class A self storage assets (the Assets) located in New York City.
  • Prime Group, headquartered in Saratoga Springs, New York, is the largest privately-owned self storage owner-operator in the country.
  • Prime Groups portfolio includes more than 170 self storage facilities that comprise over 12.5 million rentable square feet across the nation.
  • The Assets in New York City were built in 2017 and have demonstrated consistent year-over-year occupancy and rental revenue growth since delivery.

Retail Leasing Veteran Michelle Barron Joins R.J. Brunelli

Retrieved on: 
Wednesday, October 27, 2021
Science, Fashion Institute of Technology, State university system, Food, Raising Cane's Chicken Fingers, Promenade at Granite Run, Court, Prussia, European Wax Center, Wellness, Washington Prime Group, GLA, Humanities, Region, Specialty, Industry, Simon Property Group, OLD, History, Simon, Brunswick Square, Brookdale Community College, View, Chicken fingers, Del, Leadership, Town square, Tenant, LLC, Principal, Quaker Bridge Mall, King of Prussia (shopping mall), Sale, King, Old, Mid-Atlantic (United States), State, Property management

OLD BRIDGE, N.J., Oct. 27, 2021 /PRNewswire/ --Michelle Ann Barron, a 22-year veteran of the retail real estate industry, has joined R.J. Brunelli & Co., LLC as a salesperson.

Key Points: 
  • OLD BRIDGE, N.J., Oct. 27, 2021 /PRNewswire/ --Michelle Ann Barron, a 22-year veteran of the retail real estate industry, has joined R.J. Brunelli & Co., LLC as a salesperson.
  • In her new role with the Old Bridge-based retail property brokerage, Ms. Barron will work on various R.J. Brunelli landlord and tenant representation accounts throughout New Jersey and neighboring states.
  • In 2010, Ms. Barron was promoted to Regional Leasing Manager, directing activities of leasing associates for 12 Simon malls and in the Northeast, while also assisting on several major properties in the company's Mid-Atlantic region.
  • "Michelle brings a wealth of experience dealing with national, regional and local tenants," said Ms. Brunelli.