BLOOMFIELD HILLS, Mich., June 24 /PRNewswire-FirstCall/ -- Taubman Centers, Inc. (NYSE: TCO) today announced an $82.5 million financing of The Mall at Partridge Creek in Clinton Township, Michigan. Previously the property was secured by a $73.8 million construction loan, which has been repaid.
The new nonrecourse commercial mortgage loan was originated by Goldman Sachs. It has a 10-year maturity, amortizing principal based on 30 years and bears an all-in interest rate of 6.25 percent.
"We're pleased with the amount of proceeds and the interest rate on this loan," said Steve Eder, Taubman's senior vice president, capital markets and treasurer. "The success of this financing illustrates recent improvements in the capital markets and the attractiveness of our properties as loan collateral." This is the first financing for Taubman since April 2008, as the company had no loans maturing in 2009. Two additional financings, on Arizona Mills (Tempe, AZ) and MacArthur Center (Norfolk, VA), are anticipated to be completed in the third quarter of 2010.
The Mall at Partridge Creek opened in October 2007 and is located in Clinton Township, a northeastern suburb of Detroit. The open-air center, anchored by Nordstrom, Parisian and MJR/Partridge Creek Digital Cinema 14, is home to nearly 90 distinctive stores and restaurants. Its many amenities include a nightly concert series from Memorial Day through Labor Day, a dog-friendly environment, bocce ball courts, free WiFi, pop jet fountains, a TV court, snow-melt-sidewalks and a 30-foot fireplace. Throughout 2009 and to date, the 600,000 square foot center has consistently been one of the fastest growing properties in Taubman's portfolio as measured by sales per square foot. More information about The Mall at Partridge Creek is available at www.shoppartridgecreek.com.
Taubman Centers is a real estate investment trust engaged in the development, leasing and management of regional and super regional shopping centers. Taubman's 26 U.S. owned, leased and/or managed properties, the most productive in the industry, serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Michigan and its Taubman Asia subsidiary is headquartered in Hong Kong. Founded in 1950, Taubman celebrates its 60th anniversary in 2010. For more information about Taubman, visit www.taubman.com.
For ease of use, references in this press release to "Taubman Centers", "company" or "Taubman" mean Taubman Centers, Inc. or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to the continuing impacts of the U.S. recession and global credit environment, other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.
SOURCE Taubman Centers, Inc.