ROCHESTER HILLS, MI-Lender RBS has provided a $51 million refinancing loan to Robert B. Aikens & Associates for the 375,000-square-foot Village of Rochester Hills lifestyle center. The deal reportedly took care of $43.4 million loan that was securitized through Credit Suisse First Boston Mortgage Securities Corp.
The owner had run the failing indoor Meadowbrook Village Mall on the site until deciding to tear it down and build Michigan’s first lifestyle center in 2002. The new outdoor mall, 98% occupied, is anchored by Parisian and Whole Foods, and includes tenants such as Ann Taylor, Coldwater Creek, Eddie Bauer, Victoria’s Secret and Williams-Sonoma.
The mall, located across from Oakland University in this suburb north of Detroit, is a bright spot in Michigan’s retail market. Most new retail projects talked about in the past five to seven years have yet to break ground, and many have changed anchors multiple times, due to the lack of capital available for Detroit-area development.
However, Jimmy Board with Jones Lang LaSalle’s Capital Markets division tells GlobeSt.com that there were a bunch of different buckets of money chasing this deal. “For class A deals in the Midwest, there’s definitely money available out there,” he says. “You look at a grocery anchor center, especially Whole Foods, they’re going to receive significant attention today.” Board and Tom Melody brought in RBS for the 10-year, fixed rate senior mortgage loan.
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