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The landmark deal is the largest securitized retail financing of 2023 to-date and was led by Goldman Sachs, Citi and JPMorgan Chase as a single asset single borrower (SASB) CMBS transaction. It is collateralized by 38 open-air retail centers totaling 8.5 million square feet in 15 states.
Chris Conlon, chief executive officer of WPG said "In a very challenging market, together with SVP, we were able to put new financing in place that will provide us with greater financial and operating flexibility. As we look ahead to 2024 and beyond, we are now in the strongest financial position in the history of our company and are well positioned to deliver high growth."
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Jonathan Waggoner, Co-Head of the North American Operating Team at SVP added "This financing is another example of the successful partnership among SVP's investment, operating and capital markets teams alongside the WGP management team. This transaction refines WPG's position in the capital markets and reflects the success of the Company's operational transformation over the last two years. Furthermore, a transaction of this size underlines WPG's status as a top-tier owner of highly desirable shopping centers across the country."
The deal was made possible by collaboration among WPG, SVP, three bank arrangers and advisors who contributed to its execution. Eastdil Secured served as exclusive financial advisor and debt placement agent to WPG and SVP while Gibson Dunn & Crutcher LLP provided legal counsel to both parties. Cleary Gottlieb Steen & Hamilton LLP served as legal counsel to lenders involved in this transaction.
Filed Under: Business
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