Talmage, LLC Modifies $291 Million Loan With Simon Property Group and Farallon Capital Management

Talmage, LLC announced today the successful modification and restructuring of the $291 million Cadillac Mills Portfolio loan in its capacity as Special Servicer. The 2.8 million square foot Cadillac Mills Portfolio was purchased by Simon Property Group and Farallon Capital Management as part of its February 2007 acquisition of the Mills Corporation. The Portfolio is secured by three regional malls, The Galleria at White Plains (White Plains, NY), The Esplanade (Kenner, LA) and Northpark Mall (Ridgeland, MS). In January 2012, Talmage was appointed as the transaction's Special Servicer by the bank syndicate who holds the private (non-CMBS) loan. As Special Servicer, Talmage negotiated with Simon Property Group

to extend the loan term for three years in exchange for an upfront principal payment to pay down the loan, an increase in the loan's interest rate and a full cash flow sweep. Since the borrower paid all costs, the debt holders suffered no cash flow interruption and bore no expenses in connection with the modification.