COPT Closes Out '02 With $500M in Financing

ARLINGTON, VA-The retail and entertainment REIT Mills Corp. has recently secured a total of $500 million in financing for three of its super-regional malls. The properties involved are Charlotte, NC’s Concord Mills; Katy, TX’s Katy Mills; and COPT’s debut European center, the Madrid Xanadú in Arroyomolinos, Spain.

Through JP Morgan Chase and Commerzbank AG, COPT attained a 10-year permanent financing package in the amount of $181 million for Concord Mills. The 200-store shopping and entertainment destination includes a 24-screen AMC Theatre; Bed, Bath & Beyond; Burlington Coat Factory and NASCAR Speedpark. Proceeds from the financing arrangement have been put toward paying down a pre-existing construction loan of $177 million.