Owner signals commitment to Stony Point

Posted at 9:47 AM, Feb 03, 2014

RICHMOND, Va. ( – With a deadline fast approaching, a real estate giant is making a nine-figure investment in a major Richmond mall.

Taubman Centers has decided to pay off the almost $100 million it owes on a mortgage backed by Stony Point Fashion Park months before the 10-year loan was scheduled to come due.

Taubman spokesperson Barbara Baker said the Michigan-based REIT chose to close out the debt now because it would have faced an early payment penalty for paying the loan back before Jan. 31.

“It’s pre-payable without penalty now, and our view is that, given the interest rate on it, we wanted to pay it off as soon as possible,” she said.

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