RVI - Retail Value sells Plaza Palma Real for $50M prepays $65M of mortgage debt

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.

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Retail Value sells Plaza Palma Real for $50M, prepays $65M of mortgage debt