{"id":95083,"date":"2025-12-24T19:41:06","date_gmt":"2025-12-24T19:41:06","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/95083\/"},"modified":"2025-12-24T19:41:06","modified_gmt":"2025-12-24T19:41:06","slug":"tampas-international-plaza-refinanced-with-551m-loan","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/95083\/","title":{"rendered":"Tampa\u2019s International Plaza refinanced with $551M loan"},"content":{"rendered":"

One of Tampa Bay\u2019s<\/a> strongest retail assets has been refinanced at a higher valuation, underscoring continued confidence in top-tier shopping centers despite a cautious capital markets environment.<\/p>\n

Simon Property Group, through its Taubman Realty Group operation, refinanced International Plaza in Tampa with a $551.25M loan, replacing a prior $477M mortgage on the property.<\/p>\n

The new five-year loan was originated by Goldman Sachs, JPMorgan Chase and Wells Fargo. <\/p>\n

It is interest-only and carries a 4.913% fixed coupon, improving on the mall\u2019s previous floating-rate debt, which was priced at SOFR plus 195.6 basis points.<\/p>\n

A signal of strength in Tampa retail<\/p>\n

International Plaza<\/a> ranks among the highest-performing malls in the country. Inline stores at the property generate $1,539 per sq ft in annualized sales, placing it well above national averages and ahead of other top-tier malls, including Tysons Corner Center in Virginia.<\/p>\n

Located adjacent to Tampa International Airport<\/a>, the mall opened in 2001 and is anchored by Dillard\u2019s, Nordstrom, Neiman Marcus and Dick\u2019s House of Sports<\/a>. <\/p>\n

READ: TAMPA BAY BUSINESS NEWS<\/a><\/p>\n

A portion of the property sits on land leased from the Hillsborough County Aviation Authority, with annual ground rent of $945,608 through 2080.<\/p>\n

The mall\u2019s operating performance has strengthened steadily in recent years. Inline sales totaled $1,290 per sq ft in 2019. <\/p>\n

Over the 12 months through July, the property generated $66.15M in cash flow, up from $48.77M in 2021 and $51.50M in 2019.<\/p>\n

That growth allowed Taubman to extract approximately $81.5M in cash as part of the refinancing.<\/p>\n

Capital markets remain selective, not closed<\/p>\n

The prior loan on International Plaza first matured in October 2023 and required the use of two one-year extension options before the refinancing closed. <\/p>\n

The new loan is being securitized through both a standalone transaction and at least one CMBS conduit deal.<\/p>\n

READ: BIGGEST COMPANIES IN TAMPA BAY<\/a><\/p>\n

The refinancing highlights a broader trend playing out across Tampa Bay: capital remains available for assets with durable performance, strong sales metrics and long-term relevance.<\/p>\n

While weaker retail properties continue to face refinancing challenges, International Plaza\u2019s ability to secure favorable terms reflects Tampa\u2019s<\/a> position as a market where top assets continue to attract lender and investor confidence.<\/p>\n

Why it matters for Tampa Bay<\/p>\n

The transaction reinforces Tampa Bay\u2019s standing as a retail market that can support large-scale financing even as interest rates remain elevated and underwriting stays disciplined.<\/p>\n

For lenders, International Plaza represents predictable cash flow and proven consumer demand. <\/p>\n

For the region, the deal signals that well-located, high-performing retail assets remain a cornerstone of Tampa Bay\u2019s commercial real estate<\/a> landscape heading into 2026<\/a>.<\/p>\n

Stay Informed<\/p>\n","protected":false},"excerpt":{"rendered":"One of Tampa Bay\u2019s strongest retail assets has been refinanced at a higher valuation, underscoring continued confidence in…\n","protected":false},"author":2,"featured_media":95084,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[39436,7897,558,5752,6184,178,25849,276,1724,35899,3047,135,1526,1703,13693,137,136,11863,278],"class_list":["post-95083","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tampa","tag-acquisitions","tag-banking","tag-business","tag-commercial-real-estate","tag-downtown-tampa","tag-economic-growth","tag-financial-services","tag-hillsborough-county","tag-investment","tag-real-estate-quarterly","tag-retail","tag-tampa","tag-tampa-bay","tag-tampa-bay-business","tag-tampa-growth","tag-tampa-headlines","tag-tampa-news","tag-tampa-real-estate","tag-top-stories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/95083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=95083"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/95083\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/95084"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=95083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=95083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=95083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}