Urban Edge Properties Announces Successful Debt Refinancing at Las Catalinas Mall
30 Agosto 2023 - 10:15PM
Business Wire
- Eliminates $44.5M of Debt through Exercise
of Discounted Payoff Option on Prior Mortgage -
- Highlights Benefits of Secured Debt
Strategy -
Urban Edge Properties (NYSE: UE) (the “Company”) announced today
that it has completed the refinancing of its mortgage loan at Las
Catalinas Mall in Caguas, Puerto Rico. The Company obtained a new
ten-year $82 million mortgage provided by Banco Popular de Puerto
Rico. The new loan is pre-payable after five years without penalty
or defeasance costs.
The prior CMBS loan was modified in 2020 to provide the Company
with a discounted payoff option at $72.5 million. As a result of
exercising the discounted payoff option, the Company will record a
gain on extinguishment of debt of approximately $43 million in the
third quarter of 2023. The prior loan had a carrying value of $117
million, an interest rate of 4.43% and was scheduled to mature in
February 2026.
“As we continue to transform Las Catalinas Mall to drive the
long-term growth of this asset, we are delighted to partner once
again with Banco Popular, the leading banking institution on the
Island,” said Jeff Olson, Chairman and Chief Executive Officer.
“This refinancing has substantially reduced the outstanding debt on
this property and underscores the benefits of our secured debt
strategy.”
The Company reiterates its 2023 FFO as adjusted guidance of
$1.16 to $1.19 per share.
ABOUT URBAN EDGE PROPERTIES
Urban Edge Properties is a NYSE listed real estate investment
trust focused on owning, managing, acquiring, developing, and
redeveloping retail real estate in urban communities, primarily in
the Washington, D.C. to Boston corridor. Urban Edge owns 76
properties totaling 17.2 million square feet of gross leasable
area.
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version on businesswire.com: https://www.businesswire.com/news/home/20230830905568/en/
For additional information: Mark
Langer, EVP and Chief Financial Officer 212-956-2556
Grafico Azioni Urban Edge Properties (NYSE:UE)
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