Simon Property Group and IMI Secure $465M Refinancing at Pentagon City

Simon Property Group and Institutional Mall Investors (a joint venture of CalPERS and Miller Capital) secured a $465 million interest-only refinancing for a mixed-use complex in Pentagon City, Arlington, Virginia, with additional sponsor equity of $29.9 million. The three-lender syndicate includes Goldman Sachs, Wells Fargo, and Barclays Capital Real Estate. The collateral includes Fashion Centre at Pentagon City (647,000 square feet), Metro Tower office building (168,000 square feet), and the Ritz-Carlton Pentagon City hotel ground lease (366 rooms), collectively valued at $777.7 million as of February 2026.