Washington Prime Group Inc. announced that the company has closed on a $35.0 million loan secured by Southgate Mall, a Tier One property located in Missoula, Montana. The interest-only loan has an initial term of 36 months and bears interest at a fixed rate of 4.48%. There are two one-year extensions available under the loan agreement. First Interstate Bank provided the financing, demonstrating its and Washington Prime Group’s ongoing commitment to the Missoula community. The company expects to use proceeds from the loan to reduce outstanding balances on its credit facility and for its ongoing redevelopment efforts. The company plans to reposition two anchor spaces at Southgate Mall, which were previously occupied by Herberger’s and Herberger’s Men’s department stores until closing in August 2018. The transformation of the former department store spaces enables Southgate Mall to continue to provide guests with an increasingly enjoyable environment to shop, dine and spend time together, and the Company is in discussions with new tenants, which will be announced in the future.