DDR Organizes Mezzanine Financing on Shopping Center Assets
Developers Diversified Realty Corporation (DDR) announced that it has originated a $31.7 million mezzanine loan to a subsidiary of EDT Retail Trust, secured by equity interests in six prime shopping center assets owned by EDT and managed and leased by DDR. The mezzanine loan was funded in conjunction with the origination of a new $142.3 million senior loan secured by first mortgages on these EDT properties. DDR will continue to lease and manage the assets on behalf of EDT pursuant to the existing management and leasing agreement.
DDR owns and manages approximately 620 retail operating and development properties in 42 states, Brazil, Canada, and Puerto Rico.