Bloomfield, MI-based Taubman says the 10-year loan carries an interest rate of 5.5%. The $146-million loan that the financing pays off carried a rate of nearly 8.4% and was slated to mature this year.

Taubman now owns 100% of the regional center, having acquired the 30% partnership interest previously held by an entity owned by Sheldon Gordon and the estate of E. Phillip Lyon. Taubman, which developed Beverly Center in 1982 in partnership with Gordon and Lyon, says it paid approximately $11 million for the remaining interest in the property. The payment consisted of $3.3 million in cash and 276,724 newly issued partnership units in Taubman Realty Group valued at $27.50 per unit. The price was determined according to a 1988 option agreement between Taubman and a partnership controlled by Gordon and Lyon.

With the completion of the Beverly Center financing, 76% of Taubman's total debt is fixed at an average rate of 6.2%, according to Robert S. Taubman, chairman, president and CEO of Taubman Centers. The Beverly Center, located on Beverly Boulevard between La Cienega and San Vincente boulevards, is anchored by Macy's, Bloomingdale's, Macy's Men's Store and California's only Grand Lux Café. The recently renovated center features more than 160 specialty stores and restaurants. It is one of 31 urban and suburban regional and super regional shopping centers owned or managed by Taubman in 13 states.