Indiana Mall

Location: Indiana, PA
Type: Retail
Price: $ 17,000,000

Starwood Mortgage Capital has provided a $17,000,000 ten-year fixed rate first mortgage to refinance the existing debt collateralized by Indiana Mall, a single level, 94.5% occupied enclosed regional mall located in Indiana, Indiana County, PA, 46 miles northwest of the Pittsburgh CBD. The improvements consist of four anchor stores, 46 in-line retail suites and food court tenants, seven kiosk spaces, and one first-run cinema. The Subject is owned in fee simple and the collateral consists of the entirety of the improvements, including the Property’s anchor spaces. The Subject is within two miles of the city’s downtown strip and Indiana University of Pennsylvania (IUP), Indiana’s major economic driver, the largest university in the Pennsylvania state system of higher education, and the fifth largest university in the state. The Sponsor is an experienced mall owner-operator and currently manages six other regional malls, is the Property’s original developer, and has owned, managed, and overseen leasing at the Mall for over 30 years.