Taubman Centers, Bloomfield Hills, Mich., has completed a $347.5 million commercial mortgage-backed securities financing on a Los Angeles shopping center.The retail real estate investment trust said the 10-year loan carries a 5.5% interest rate. The proceeds from the securitization were used to pay off the $146 million, 8.3% mortgage on the property and the company's lines of credit, Taubman said. "With the completion of this financing, 76% of our total debt is fixed at an average rate of 6.2%," said Robert S. Taubman, president and chief executive officer of Taubman Centers.
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