BLOOMFIELD HILLS. Mich. -- Taubman Centers Inc. said Monday that it has secured $146 million in financing on a Los Angeles mall through J.P. Morgan Securities Inc. and UBS Securities Inc.
The company said proceeds from the 10-year financing at 8.36% were used to retire the existing mortgage on the Beverly Center and to pay a prepayment premium of $38 million.
The company said the $38 million will be recognized as an extraordinary charge to Taubman Realty Group LP's third-quarter income.
The company said the center's interest expense will be lower by $300,000 a year.