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MEMPHIS-Marking the first transaction between the two powerhouses, GE Real Estate has provided a $225-million CMBS loan to Simon Property Group for the refinancing of Wolfchase Galleria. The 10-year, fixed-rate loan was originated by GE’s Strategic Capital Group.

Wolfchase Galleria, at 2760 N. Germantown Pkwy., encompasses 1.2 million sf across two levels. Built in 1997, the retail asset is the only four-anchor mall in the region, according to GE Real Estate. The anchors are Dillards, JC Penney, Macy’s and Sears. The property is currently 97% leased with 123 tenants, including American Eagle Outfitters, Pottery Barn, Gap, Thomas Kinkade Gallery and the Disney Store.

“We appreciate the opportunity to fund this investment for Simon Property Group, which has a leading reputation for assessing and optimizing the underlying value of high-quality retail assets,” says Alec Burger, SVP, North America Lending at GE Real Estate. “Their track record of developing premier assets that are in demand by consumers and tenants results in properties that carry strong fundamentals and compelling economics.”

According to Simon’s website, 33% of the households in Wolfchase Galleria’s trade area have an income of at least $75,000. Further stats on the site put the trade-area population at 604,026 and trade-area households at 229,445.

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