U.S. Bank Closes on Construction Financing for the Mall of San Juan in Puerto Rico
April 29 2014 - 9:00AM
Business Wire
Mall will be home to first Caribbean locations for Saks Fifth
Avenue and Nordstrom
U.S. Bank, as joint lead arranger and administrative agent,
closed on a $320 million loan for The Taubman Realty Group Limited
Partnership to finance the development of The Mall of San Juan, a
650,000-square-foot shopping and entertainment complex in Puerto
Rico. Located in the populous San Juan metropolitan area that
attracts nearly five million tourists per year, the mall will be
the first Caribbean location for major U.S. retailers Nordstrom and
Saks Fifth Avenue.
Rendering of the exterior of the Mall of
San Juan. (Photo: Business Wire)
“The Mall of San Juan, our bank’s first commercial real estate
deal in Puerto Rico, will be a tremendous asset for the San Juan
tourism industry and overall economy,” said Joseph Hoesley, vice
chairman of Commercial Real Estate at U.S. Bank. “As a
Minneapolis-based company with the Mall of America right in our
backyard, we’ve seen firsthand the economic and cultural impact a
true shopping ‘destination’ can have on a region.”
Situated on the coast of the Caribbean Sea in San Juan, the mall
will include over 400,000-square-feet of retail shops across two
levels, anchored by Nordstrom and Saks Fifth Avenue. The mall is
currently under construction and set to open in March 2015.
“The Mall of San Juan will be the premier, high-end shopping
destination in the Caribbean,” said Simon Leopold, treasurer and
capital markets senior vice president for Taubman. “With its ideal
location and diverse mix of retail, dining and entertainment
options, the mall will be a must-see attraction for tourists
visiting from throughout the region.”
The Taubman Realty Group Limited Partnership is the
majority-owned operating partnership of Taubman Centers, Inc.
(NYSE: TCO) (“Taubman”).
The Mall of San Juan loan was originated out of U.S. Bank’s
commercial real estate office in Chicago. J.P. Morgan is joint lead
arranger and syndication agent on the loan.
About TaubmanTaubman Centers is an S&P MidCap 400
Real Estate Investment Trust engaged in the ownership, management
and/or leasing of 27 regional, super-regional and outlet shopping
centers in the U.S. and Asia. Taubman’s U.S.-owned properties are
the most productive in the publicly held U.S. regional mall
industry. Taubman is currently developing six properties in the
U.S. and Asia totaling 5.6 million square feet. Taubman Centers is
headquartered in Bloomfield Hills, Mich. and Taubman Asia is
headquartered in Hong Kong. Founded in 1950, Taubman has more
than 60 years of experience in the shopping center industry.
www.taubman.com.
For ease of use, references in this press release to “Taubman
Centers,” “company,” “Taubman” or an operating platform mean
Taubman Centers, Inc. and/or one or more of a number of separate,
affiliated entities. Business is actually conducted by an
affiliated entity rather than Taubman Centers, Inc. itself or the
named operating platform.
About U.S. Bank Commercial Real EstateU.S. Bank
Commercial Real Estate specializes in providing creative credit and
non-credit financial solutions for real estate developers, REITs,
and commercial property owners across the United States. U.S. Bank
offers such services as construction/development lending, property
acquisition lending, refinancing, lines of credit, and
syndications. With an employee base of 400 professionals in 25
offices, U.S. Bank Commercial Real Estate builds long-term
relationships designed to help American businesses grow.
About U.S. BankU.S. Bancorp (NYSE: USB), with $371
billion in assets as of March 31, 2014, is the parent company of
U.S. Bank National Association, the 5th largest commercial bank in
the United States. The Company operates 3,083 banking offices in 25
states and 4,878 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. Visit
U.S. Bancorp on the web at usbank.com.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140429005307/en/
U.S. Bank Public RelationsNicole Garrison-Sprenger,
612-303-0731nicole.sprenger@usbank.com
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