Mall will be home to first Caribbean locations for Saks Fifth
Avenue and Nordstrom
MINNEAPOLIS & SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Apr. 29, 2014--
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 Taubman
Taubman 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 Estate
U.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. Bank
U.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/
Source: U.S. Bank
U.S. Bank Public Relations
Nicole Garrison-Sprenger, 612-303-0731
nicole.sprenger@usbank.com