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Tuesday, July 13, 2010

Refinancing Mall Operator Taubman For $82.5M Non Recourse Loan

Clinton Township, Michigan - Net Lease Properties is reporting that Taubman Centers, Inc. has announced an $82.5 million refinancing of The Mall at Partridge Creek. This shopping center is located in beautiful Clinton Township, Michigan. Previously the property was secured by a $73.8 million construction loan, which has now been repaid.

The new Non Recourse 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.

The Mall at Partridge Creek opened in October 2007 and is located in Clinton Township. Clinton Township is a great, 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.

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If you feel this is the right time to invest in Commercial Real Estate, Multi-Family Apartment Buildings, Shopping Centers or Net Lease Properties then contact us, HERE. We can also assist you with your Commercial Real Estate Mortgage and Net Lease Funding to purchase a new property.

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