GE inks first loan for $225m with Simon.GE Real Estate announced it provided a $225 million CMBS CMBS See: Commercial Mortgage Backed Securities loan to Simon Property Group Simon Property Group, Inc. (NYSE: SPG), also known as SIMON, an S&P 500 company headquartered in Indianapolis, Indiana, is the largest developer of shopping malls in the United States. Simon Property Group, Inc. for the refinancing of Wolfchase Galleria Wolfchase Galleria is a regional shopping mall in east Memphis, Tennessee owned by Simon Malls. Location Wolfchase Galleria, commonly referred to as 'Wolfchase' or 'The Wolfchase Mall', is located at 2760 N. Germantown Parkway in Memphis, Tennessee. , a Class A super regional mall in suburban Memphis, Tenn. The 10-year fixed rate loan is the first transaction between GE Real Estate and Simon Property Group, the largest publicly traded retail REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). in North America. Considered a top regional retail destination, Wolfchase Galleria was built in 1997 and is the only four-anchor mall in the region. The 1.27 million square foot, two-level property is 97% leased with 123 tenants. The deal was originated by GE's Strategic Capital Group (SCG SCG Serbia and Montenegro SCG Srbija I Crna Gora (Servian: Serbia and Montenegro) SCG Sydney Cricket Ground SCG Service Canadien des Glaces (Canadian Ice Service) SCG superior cervical ganglion ), which primarily works with opportunity funds, REITs and other institutional borrowers on large, complex portfolio acquisitions. Added Thomas S. Matesich with the Strategic Capital Group, "This is our first transaction with Simon Property Group, the largest and most experienced mall owners in the country. From start to close, GE was able to secure the financing and close the deal with Simon in less than 60 days. We expect this transaction to be the start of a mutually beneficial relationship." |
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