TAYLOR, MI-On the for-sale block as early as last year, the900,000-square-foot Southland Center mall here hasinstead been refinanced by its new owner, New York City-basedRouse Properties Inc., for $78.7 million. The mallis one of the non-core malls that Chicago-based GeneralGrowth Properties discarded into the new Rouse spin-offcompany earlier this year.

The mall on Eureka Road was built in 1970 as the newest of thefour original regional malls in the Detroit area. Anchors includeMacy’s, JCPenney and Best Buy. Last week, Rouse announced thatretailer Forever 21 has signed a lease to take over a former22,500-square-foot Borders space at the property.

According to a Rouse statement, the non-recourse loan bearsinterest at a fixed rate of 5.09% and matures in 10 years. About$58.5 million of the proceeds were used ot pay down the property’sallocation of the company’s term loan, and $11.7 million was usedto pay the release allocation. Net proceeds to the company afterrelated closing costs are about $8.2 million.