Non Recourse Loans
Bloomfield Hills, Michigan - Net Lease Properties has news for the day on Taubman Centers. Taubman is known for its focus on dominant retail malls with the highest average sales productivity in the nation. Taubman Centers is a real estate investment trust (REIT) which is headquartered in Bloomfield Hills, Michigan and its Taubman Asia subsidiary is headquartered in Hong Kong.
The new reports are regarding the non recourse loan for Arizona Mills. Located at the Arizona Mills Interchange, at the intersection of Interstate I-10 and US Highway 60 in Tempe, Arizona. The refinancing of Arizona Mills was recently completed. The terms of the refinancing are a 10-year $175 million non-recourse loan. This Commercial Loan bears interest at an all-in rate of 5.83 percent, with amortizing principal based on 30 years. Taubman will use proceeds from the refinancing to pay off the existing $131.0 million 7.90 percent loan, with excess amounts distributed to the partners.
We previously reported on the Non Recourse Loan (Click Here) for The Mall at Partridge Creek, in Clinton Township, Michigan. A brief scenario on that Non recourse loan is it was a 10-year $82.5 million non-recourse loan which bears interest at an all-in rate of 6.25 percent.
Taubman believes that conditions in the capital markets have improved over the past several months, particularly for good sponsors and good assets. They are pleased with the amount of proceeds and interest rates on these two new non recourse loans.
Second quarter reports on Taubman Centers have Tenant sales per square foot which were very strong in the quarter, up 12.1 percent, bringing the year to date increase to 11.4 percent. They are led by their centers in Michigan and Florida, more than half of their centers had sales per square foot increases in the double digits for the quarter.
Leased space for Taubman's portfolio was 90.8 percent on June 30, 2010 compared to 91.3 percent on June 30, 2009. The average rent per square foot for the second quarter of 2010 was $43.20 versus $43.40 in the second quarter of 2009.
Net Lease Properties & Non Recourse Loans
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 Non Recourse Loan and Net Lease Funding to purchase a new property.
