The malls receiving their first mortgages are Fox Run Mall in Newington, NH; Westland Shopping Center in Westland, MI; and Roseland Shopping Center in Roseville, MN. The three malls total 2.8 million sf, with 12 anchor stores among them. Fox Run and Westland recently were renovated with more than $7 million in capital improvements to common areas. The three have almost one million sf of owned in-line space.
"Lend Lease obtained very favorable mortgage capital for Prime Property Fund in the floating rate securitization markets," notes Peter Harned, a principal with Lend Lease's Finance Group. "Not only did we get timely execution and strong pricing from Deutsche Bank, but we delivered a flexible, short-term loan to meet the demands of our largest core fund. The structure of the financing gives Lend Lease's Prime Property Fund an option to fully repay the loan or take out additional loan proceeds in the near future should an opportunity arise to strategically sell or divest in one or all of the assets."
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