DAYTONA, FL-Kite Realty Group Trust secured long-term financing on its International Speedway Square retail property. The $21 million loan has a 10-year term and carries a fixed interest rate of 5.77%.

Kite got cash out of the deal to pay down its revolving credit line. International Speedway Square is a 230,000 square foot power center anchored by Bed Bath & Beyond, Dick’s Sporting Goods, Michael’s, Old Navy, Staples, and Stein Mart.

“This long-term financing with Wells Fargo is one of many steps we are taking to strengthen our balance sheet,” says Dan Sink, Chief Financial Officer, of Kite Realty Group. “The terms of the loan reflect the strength of the real estate and the long-term value created by a number of new and renewal leases we successfully executed at this property over the last eighteen months.”