ROCHESTER HILLS, MI-Lender RBS has provided a$51 million refinancing loan to Robert B. Aikens &Associates for the 375,000-square-foot Village ofRochester Hills lifestyle center. The deal reportedly took care of$43.4 million loan that was securitized through CreditSuisse First Boston Mortgage Securities Corp.

The owner had run the failing indoor Meadowbrook Village Mall onthe site until deciding to tear it down and build Michigan’s firstlifestyle center in 2002. The new outdoor mall, 98% occupied, isanchored by Parisian and Whole Foods, and includes tenants such asAnn Taylor, Coldwater Creek, Eddie Bauer, Victoria’s Secret andWilliams-Sonoma.

The mall, located across from Oakland University in this suburbnorth of Detroit, is a bright spot in Michigan’s retail market.Most new retail projects talked about in the past five to sevenyears have yet to break ground, and many have changed anchorsmultiple times, due to the lack of capital available forDetroit-area development.

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