Kimco Realty Corp. is the latest REIT to snag a successful refinancing for a trophy property. On Friday, Cushman & Wakefield Sonnenblick Goldman said that it had secured a $100 million refinancing for the REIT\u2019s Suburban Square, a 360,000-square-foot retail center in Ardmore, Pa., an affluent Philadelphia suburb. Details on terms were not immediately available. However, the transaction appears to dovetail with Kimco\u2019s stated strategy of identifying financing sources that enable it to minimize its use of bank lines of credit. So far this year, Kimco has obtained secured debt commitments valued at $212 million, closed $106 million in secured debt for its joint venture programs, and wrapped a public common equity offering that yielded $718 million in net proceeds. Kimco\u2019s recent financing moves also include a $220 million unsecured term loan that the REIT closed on last month. Terms will float at LIBOR, with a 2 percent floor, plus 465 basis points. Anchored by a 100,000-square foot Macy’s, Suburban Square numbers a lengthy list of upscale national chains among its tenants, including Apple Computer, Banana Republic, J. Crew, Talbot\u2019s, and Trader Joe\u2019s and Urban Outfitters, as well as a 9,300-square-foot, stand-alone market that hosts 19 food retailers. In a statement, Cushman & Wakefield Sonnenblick Goldman\u2019s president, Steve Kohn, alluded to the property\u2019s location and upscale tenant roster: \u201cDespite the fact that a large number of lenders remain on the sidelines, we continue to see strong interest for loans on high-quality properties that are owned by strong, experienced sponsors.” Several other retail REITs are successfully refinancing top-tier properties. As CPN reported on March 31, Macerich is scheduled to close next month on a $205 million refinancing of the Shops at North Bridge, a 680,000-square-foot center in Chicago. A life insurance company is supplying that loan, which has a seven-year term and a 7.5 percent fixed interest rate. Located on Michigan Avenue, the center is anchored by one of the nation\u2019s top-performing Nordstrom stores, according to Macerich\u2019s Website. For another trophy property, Twenty Ninth Street in Boulder, CO, Macerich secured a $115 million bank refinancing. The loan on the 825,000-square-foot property has a two-year term plus a one-year extension option and an initial rate that starts at 5.25 percent and will float with LIBOR.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kimco Realty Corp. is the latest REIT to snag a successful refinancing for a trophy property. On Friday, Cushman & Wakefield Sonnenblick Goldman said that it had secured a $100 million refinancing for the REIT\u2019s Suburban Square, a 360,000-square-foot retail center in Ardmore, Pa., an affluent Philadelphia suburb. Details on terms were not immediately available.…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003971571","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n