Owner signals commitment to Stony Point
Taubman Centers has decided to pay off its mortgage on Stony Point. (PHOTO: Burl Rolett)
RICHMOND, Va. (RichmondBizSense.com) – With a deadline fast approaching, a real estate giant is making a nine-figure investment in a major Richmond mall.
Taubman Centers has decided to pay off the almost $100 million it owes on a mortgage backed by Stony Point Fashion Park months before the 10-year loan was scheduled to come due.
Taubman spokesperson Barbara Baker said the Michigan-based REIT chose to close out the debt now because it would have faced an early payment penalty for paying the loan back before Jan. 31.
“It’s pre-payable without penalty now, and our view is that, given the interest rate on it, we wanted to pay it off as soon as possible,” she said.