"The lender did require (terrorism coverage" and it is," Martha J. Thurber, director of communications for Boston-based AEW Capital Management, LP, tells GlobeSt.com.
The lender is Morgan Stanley Dean Witter, which provided a 10-year mortgage at 6.9925%. AEW Capital Management advised one of the 50% owners, General Motors Investment Management Corp. Miller Capital Advisory, Inc. advised the other 50% owner, the California Public Employees Retirement System.
The deal involved different strategies for the co-owners.
"By financing the mall, we were able to get back a significant amount of our invested capital," says CalPERS senior investment officer Mike McCook. Tom Dobrowski, General Motors Asset Management managing director of real estate and alternative investments, says the refinancing allows his company to leverage up and increase its overall return on the largest shopping center in the Chicago market.
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