$132M Financing Deal for $250M Mall

RICHMOND, VA-A financing deal for the 1.2-million-sf Short Pump Town Center has been put in place to the tune of $132 million. Five financial institutions–Credit Lyonnais, Charter One Bank, LaSalle Bank National Association, HSBC Bank USA, and the Bank of Montreal, which took the lead in the role as agent bank–came together to facilitate the deal for Cleveland, OH-based developer Forest City Enterprises Inc. In the works for the last six years, the groundbreaking on the $250-million project took place in November 2000, and the open-air shopping center is due to open in early September 2003.

Located on a 147-acre parcel at the corner of West Broad Street at Lauderdale Drive, the two-level Henrico County property will feature five anchor stores and a 22-screen movie theater, in addition to about 100 specialty shops and restaurants. Both Dillard’s and Hecht’s will occupy 205,000-sf spaces, while Lord & Taylor will occupy 140,000 sf, and Nordstrom will have 144,000 sf. Dick’s Sporting Goods, which just committed earlier this summer to be the fifth anchor tenant, will have an 80,000-sf space in which to hawk its wares. The Edwards Cinema space will be 117,000 sf in size and will include an IMAX theater.