Simon Property Group and Institutional Mall Investors’ have secured a $400 million CMBS loan from Credit Suisse to refinance The Westchester in White Plains. The 814,000-square-foot shopping center is anchored by Neiman Marcus and Nordstrom, and also includes Tiffany, Gucci, Louis Vuitton, Apple, Burberry, and Tesla Motors. Sales at The Westchester are greater than $1,000 per SF. The 10-year securitized debt carries a 3.25 percent interest rate, according to CO.
- The new norm: The deal’s structure includes measures to guard against trouble at Neiman Marcus.
- Glimpse of the future – redefining space: The WSJ noted over the weekend that property developers are building kitchens in empty mall space and parking lots to fill food-delivery orders. Simon Property Group and hotelier Accor are working with hospitality company SBE Entertainment Group to develop some 200 commissary kitchens to cook up restaurant-quality food for customers at malls and hotels as well as delivery for people nearby. Delivery now accounts for roughly 9 percent of the $282 billion U.S. fast-food sector.