DDR received the loan from Archon Financial, a Goldman Sachs company, which has securitized the loan. DDR's Vice President of Investor Relations Michelle Mahue Dawson tells GlobeSt.com the five-year financing carries a nominal interest rate of 4.41%. The loan was for 65% of the assets' value, says Dawson.
Dawson says the loan was not a refinancing and there was no specific need for which the loan was obtained. "Funds will be used to repay debt and (fund) ongoing capital needs," she said. There was no loan broker involved in the transaction.
Cleveland-based DDR currently owns and manages over 400 retail properties in 44 states totaling approximately 87 million sf of real estate under management. Dallas-based Archon Financial is a full-service commercial mortgage lender.
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