SITE Centers closes $530M mortgage loan facility to repay debt ahead of Curbline spin-off

SITE Centers Corp.

Closed $530 million mortgage loan facility from affiliates of Atlas SP Partners and Athene Annuity and Life Company on August 7, 2024.
Loan secured by 23 properties, matures September 6, 2026, with two one-year extension options subject to debt yield thresholds.
Interest rate is 30-day Term SOFR plus 2.75% per annum, with a 3.50% floor and required interest rate cap at 6.25%.
Proceeds used to repay senior unsecured indebtedness prior to the spin-off of convenience real estate into Curbline Properties Corp.
Company terminated the prior $1.1 billion financing commitment from October 2023 in connection with this new facility.

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