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Owner signals commitment to Stony Point

Taubman Centers has decided to pay off its mortgage on Stony Point. (PHOTO: Burl Rolett)

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.

Click here to continue reading on RichmondBizSense.com.

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