Fair Oaks Mall, a nearly 1.6 million-square-foot regional shopping center in Fairfax, Va., has just been refinanced to the tune of $250 million. Property owner Taubman Centers Inc. used a portion of the proceeds to pay done existing debt on the enclosed two-level retail property.With a location near the intersection of I-66 and Route 50 in Northern Virginia, Fair Oaks sits within 15 minutes of Washington, D.C. The four-anchor shopping center was originally developed in 1980, and expanded in 1987 and 2000.A total of nine banks participated in facilitating the financing package, including the New York branches of Eurohypo AG and Calyon, both of which served as the lead arrangers and joint book runners on the transaction. The nonrecourse loan has a three-year maturity with a single one-year extension option.In addition to paying down the $140 million debt on the property, Taubman used some of the funds to pay down its revolving credit facilities, while doling out the remaining proceeds to its joint venture partners. Taubman, according to SEC files, owns 50 percent of the property. The retail market in Metropolitan Washington, D.C., remains strong despite a minor slowdown in demand growth, due in part to a decrease in housing-related spending, according to a 2008 report by real estate investment services firm Marcus & Millichap. In suburban Virginia, the average vacancy rate for retail properties is expected to increase slightly and hover in the mid 4 percent range. Headquartered in Bloomfield Hills, Mich., Taubman develops, acquires and operates regional shopping centers across the country. Currently, the REIT owns and\/or manages 24 properties in 11 states. Company stock opened today at $56.04.<\/p>\n","protected":false},"excerpt":{"rendered":"
Fair Oaks Mall, a nearly 1.6 million-square-foot regional shopping center in Fairfax, Va., has just been refinanced to the tune of $250 million. Property owner Taubman Centers Inc. used a portion of the proceeds to pay done existing debt on the enclosed two-level retail property.With a location near the intersection of I-66 and Route 50…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003784587","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n