Norfolk Premium Outlets
A retail property in Norfolk, Virginia. Securitized in 1 CMBS deal in 2022.
$129.0MAppraised value (latest deal)
81.5%Occupancy
$9.3MUnderwritten NOI
7.2%Implied cap rate
- Address
- 1600 Premium Outlets Boulevard, Norfolk, VA 23502
- Property type
- Retail · Outlet Center
- Year built
- 2017
- Size
- 332,281 SF
- Sponsor
- Simon Property Group, L.P.
- Loan purpose
- Refinance
- Largest tenant
- H&M
Appearances in CMBS deals
| Deal | Cut-off / filing | Appraised | Occ. | UW NOI | Cap | Loan / alloc. bal. | LTV | DSCR | Source |
|---|---|---|---|---|---|---|---|---|---|
| BANK 2022-BNK41 | 2022-05-05 | $129.0M | 81.5% | $9.3M | 7.2% | $50.0M | 58.1% | 1.88x | 424B |
Historical NOI reported in BANK 2022-BNK41
| Period ending | NOI |
|---|---|
| 12/31/2021 | $9.1M |
| 12/31/2020 | $6.9M |
| 12/31/2019 | $8.0M |
More CMBS properties in Virginia →
Figures are read from Annex A-1 of the trust's SEC prospectus as of the deal's cut-off date. Parsing can misread a cell; the prospectus link is the authoritative source. Implied cap rate = underwritten NOI ÷ appraised value, shown only between 2% and 20%.