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BANGOR, ME-Simon Property Group has obtained an $80-million CMBS loan to refinance Bangor Mall at an advantageous fixed rate. The 497,369-sf enclosed regional shopping center at 663 Stillwater Ave. is the second largest mall in the state and is currently 95% leased.

New York City-based GE Real Estate provided the funding. “We were impressed by the Bangor Mall tenants’ sales performance combined with Simon Property’s track record of improving performance on acquisitions of existing centers,” says Thomas Matesich of GE Real Estate’s Strategic Capital Group. Calling Simon an “important client,” Matesich says the transaction closed “despite all the turmoil and difficulties in the market this past summer.”

Indianapolis-based Simon is the largest publicly traded retail real estate company in North America with a total market capitalization of approximately $48 billion. It acquired a majority interest in Bangor Mall in 2004 from King of Prussia, PA-based Kravco.

According to a supplemental filed by Simon with the SEC, it owns a 66.4% share of the asset and Kravco owns the remainder. According to the same report, this is a secured loan that carries a fixed interest rate of 6.2% and expires in October 2017. Simon’s share of the indebtedness is nearly $53.1 million. CMBS loans are traditionally characterized by a long-term fixed rate.

Among Bangor Mall’s major tenants are Macy’s, Sears, JC Penney and Dick’s Sporting Goods. The center opened in October 1978 and was expanded and renovated in 1998. According to a statement from GE, it attracts nearly 100,000 shoppers a week, and in-line tenants’ sales averaged $400 per sf in 2006.

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