- Retail Value (RVI) closes on the sale of Plaza Palma Real in Humacao, Puerto Rico, for $50.0M, before closing costs, prorations, and other closing adjustments.
- Net proceeds were used to repay mortgage debt associated with RVI.
- The transaction leaves RVI with interests in 11 properties in the continental U.S. and 11 in Puerto Rico.
- On Dec. 7, 2020, unrelated to the sale of Plaza Palma Real, RVI made a $65M voluntary prepayment of the mortgage debt with unrestricted cash on hand. Under terms of the company’s mortgage agreement loan agreement, there was no prepayment penalty associated with the repayment.
- In September, RVI sold Riverdale Village for $70M.