WPG Successfully Completes Transformational Portfolio Refinance
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.
- 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.