Regency Capital Partners

Trolley Square


Trolley Square

Summary

Regency Capital Partners (“RCP”) assisted in the successful negotiation and loan modification of this 320,000 square foot regional mall located in the Southwestern US. The Borrower purchased the asset in late 2006 and quickly secured an anchor tenant at the Property. After commencing construction on a new 100,000 square foot building to accommodate the new anchor, the tenant indicated their decision to not occupy the space due to the difficult economic climate. At that time, the lender stopped funding and placed the Borrower in default. RCP was able to assist the Borrower in structuring a proposal that convinced the lender to commence funding an additional $28,000,000 to complete construction of the new building and renovation of the existing structure, along with covering all future TI/LC obligations. After executing the modification, the Borrower was able to come to an agreement with the new anchor to occupy a majority of their space and commenced the repositioning of the existing mall.


Transaction Details

LOAN AMOUNT $68,000,000
FINANCING TYPE Construction
LENDER TYPE Domestic Bank
PROPERTY TYPE Retail
PROPERTY ADDRESS
Map
Confidential
Salt Lake City, UT
PROPERTY DESCRIPTION The Property is comprised of a 320,000 square foot regional mall.