Reading says Mass Mutual not only offered good terms, but was also flexible enough to take into account the fact that Oro Valley Marketplace still has some moving parts to it. On the project's west end, 7.4 acres has been designed for office development; Vestar would like to sell the acreage. And inside the project's retail portion is an additional 17 acres that could hold 170,000 more square feet of space. Reading says the goal is to complete that space within the next four to six years.

"Mass Mutual was able to structure the loan to provide us with the flexibility to sell off the parcel and build out the second phase," Reading notes. He goes on to say that, with the low interest rates available, Vestar is also working on refinancing the 620,000-square-foot Lake Pleasant Towne Center in Peoria, AZ. "We're working with a new lender that will allow us a fixed interest rate for the next five to seven years, similar to what we have with Oro Valley," Reading adds.