RICHMOND, VA-The Regency Square retail center secured an $82.5 million fixed rate mortgage financing deal from Bank of America. Bloomfield Hills, Mich.-based Taubman Company, owner of the 826,000-sf retail complex, had previously used the property as collateral for a line of credit.

In a statement on Taubman’s third quarter activity, executive vice president and CFO Lisa Payne explains that “during the past few months, we have positioned our balance sheet to take advantage of the lowest interest rates in decades.”

The mortgage on Regency Center carries a 7.2 % interest rate and matures in ten years. The upscale shopping mall — which boasts a 4,000-space parking lot for customers — is located in the prosperous West End neighborhood of Richmond, and is anchored by Hecht’s and JCPenney.

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