Kite Realty Group secured a $21 million long-term loan for International Speedway Square, a 230,000-square-foot power center in Daytona, Fla. The loan features a 10-year term and a fixed 5.77 percent interest rate. Kite used the net proceeds from the transaction to pay down its revolving line of credit.
Anchor tenants at International Speedway Square include Bed Bath & Beyond, Dick’s Sporting Goods, Michael’s, Old Navy, Staples and Stein Mart.
“This long term financing with Wells Fargo is one of many steps we are taking to strengthen our balance sheet,” said Dan Sink, CFO of Kite Realty Group, in a statement. “The terms of the loan reflect the strength of the real estate and the long term value created by a number of new and renewal leases we successfully executed at this property over the last eighteen months.”