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Detroit-Area Mall Gains $51M Refinance

ROCHESTER HILLS, MI-The 375,000-square-foot Village of Rochester Hills, one of the first indoor malls transformed into an outdoor center, is still successful at 98% occupied.

By Robert Carr | Updated on November 04, 2011

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.

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