U.S. Bank Closes on Construction Financing for the Mall of San Juan in Puerto Rico

MINNEAPOLIS & SAN JUAN, Puerto Rico--(BUSINESS WIRE)--

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.

“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. 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 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.

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