One of Tampa Bay’s strongest retail assets has been refinanced at a higher valuation, underscoring continued confidence in top-tier shopping centers despite a cautious capital markets environment.
Simon Property Group, through its Taubman Realty Group operation, refinanced International Plaza in Tampa with a $551.25M loan, replacing a prior $477M mortgage on the property.
The new five-year loan was originated by Goldman Sachs, JPMorgan Chase and Wells Fargo.
It is interest-only and carries a 4.913% fixed coupon, improving on the mall’s previous floating-rate debt, which was priced at SOFR plus 195.6 basis points.
A signal of strength in Tampa retail
International Plaza ranks among the highest-performing malls in the country. Inline stores at the property generate $1,539 per sq ft in annualized sales, placing it well above national averages and ahead of other top-tier malls, including Tysons Corner Center in Virginia.
Located adjacent to Tampa International Airport, the mall opened in 2001 and is anchored by Dillard’s, Nordstrom, Neiman Marcus and Dick’s House of Sports.
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A portion of the property sits on land leased from the Hillsborough County Aviation Authority, with annual ground rent of $945,608 through 2080.
The mall’s operating performance has strengthened steadily in recent years. Inline sales totaled $1,290 per sq ft in 2019.
Over the 12 months through July, the property generated $66.15M in cash flow, up from $48.77M in 2021 and $51.50M in 2019.
That growth allowed Taubman to extract approximately $81.5M in cash as part of the refinancing.
Capital markets remain selective, not closed
The prior loan on International Plaza first matured in October 2023 and required the use of two one-year extension options before the refinancing closed.
The new loan is being securitized through both a standalone transaction and at least one CMBS conduit deal.
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The refinancing highlights a broader trend playing out across Tampa Bay: capital remains available for assets with durable performance, strong sales metrics and long-term relevance.
While weaker retail properties continue to face refinancing challenges, International Plaza’s ability to secure favorable terms reflects Tampa’s position as a market where top assets continue to attract lender and investor confidence.
Why it matters for Tampa Bay
The transaction reinforces Tampa Bay’s standing as a retail market that can support large-scale financing even as interest rates remain elevated and underwriting stays disciplined.
For lenders, International Plaza represents predictable cash flow and proven consumer demand.
For the region, the deal signals that well-located, high-performing retail assets remain a cornerstone of Tampa Bay’s commercial real estate landscape heading into 2026.
