RVI Announces Sale of Plaza Palma Real & Partial Loan Prepayment
December 22 2020 - 4:05PM
Business Wire
On December 22, 2020, Retail Value Inc. (NYSE:RVI) closed on the
sale of Plaza Palma Real (Humacao, PR) for $50.0 million prior to
closing costs, prorations and other closing adjustments. Net
proceeds were used to repay mortgage debt associated with RVI.
Subsequent to the transaction, RVI owns interests in 11
properties located in the continental U.S. and 11 properties in
Puerto Rico.
On December 7, 2020, unrelated to the sale of Plaza Palma Real,
RVI made a $65.0 million voluntary prepayment of the mortgage debt
with unrestricted cash on hand. Pursuant to the Company’s mortgage
agreement loan agreement, there was no prepayment penalty
associated with the repayment.
About RVI
RVI is an independent publicly traded company trading under the
ticker symbol “RVI” on the New York Stock Exchange. RVI holds
assets in the continental U.S. and Puerto Rico and is managed by
one or more subsidiaries of SITE Centers Corp. (formerly known as
DDR Corp.). RVI focuses on realizing value in its business through
operations and sales of its assets. Additional information about
RVI is available at www.retailvalueinc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20201222005047/en/
For additional information: Christa
Vesy, EVP and Chief Financial Officer 216-755-5500
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