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BANGOR, ME-Simon Property Group has obtained an $80-million CMBS loan to refinance Bangor Mall at an advantageous fixed rate. The 497,369-sf enclosed regional shopping center at 663 Stillwater Ave. is the second largest mall in the state and is currently 95% leased.

New York City-based GE Real Estate provided the funding. "We were impressed by the Bangor Mall tenants' sales performance combined with Simon Property's track record of improving performance on acquisitions of existing centers," says Thomas Matesich of GE Real Estate's Strategic Capital Group. Calling Simon an "important client," Matesich says the transaction closed "despite all the turmoil and difficulties in the market this past summer."

Indianapolis-based Simon is the largest publicly traded retail real estate company in North America with a total market capitalization of approximately $48 billion. It acquired a majority interest in Bangor Mall in 2004 from King of Prussia, PA-based Kravco.