U.S. Bank Closes on Construction Financing for the Mall of San Juan in Puerto Rico

  U.S. Bank Closes on Construction Financing for the Mall of San Juan in
  Puerto Rico

Mall will be home to first Caribbean locations for Saks Fifth Avenue and
Nordstrom

Business Wire

MINNEAPOLIS & SAN JUAN, Puerto Rico -- April 29, 2014

U.S. Bank, as joint lead arranger and administrative agent, closed on a $320
million loan for The Taubman Realty Group Limited Partnership to finance the
development of The Mall of San Juan, a 650,000-square-foot shopping and
entertainment complex in Puerto Rico. Located in the populous San Juan
metropolitan area that attracts nearly five million tourists per year, the
mall will be the first Caribbean location for major U.S. retailers Nordstrom
and Saks Fifth Avenue.

Rendering of the exterior of the Mall of San Juan. (Photo: Business Wire)

Rendering of the exterior of the Mall of San Juan. (Photo: Business Wire)

“The Mall of San Juan, our bank’s first commercial real estate deal in Puerto
Rico, will be a tremendous asset for the San Juan tourism industry and overall
economy,” said Joseph Hoesley, vice chairman of Commercial Real Estate at U.S.
Bank. “As a Minneapolis-based company with the Mall of America right in our
backyard, we’ve seen firsthand the economic and cultural impact a true
shopping ‘destination’ can have on a region.”

Situated on the coast of the Caribbean Sea in San Juan, the mall will include
over 400,000-square-feet of retail shops across two levels, anchored by
Nordstrom and Saks Fifth Avenue. The mall is currently under construction and
set to open in March 2015.

“The Mall of San Juan will be the premier, high-end shopping destination in
the Caribbean,” said Simon Leopold, treasurer and capital markets senior vice
president for Taubman. “With its ideal location and diverse mix of retail,
dining and entertainment options, the mall will be a must-see attraction for
tourists visiting from throughout the region.”

The Taubman Realty Group Limited Partnership is the majority-owned operating
partnership of Taubman Centers, Inc. (NYSE: TCO) (“Taubman”).

The Mall of San Juan loan was originated out of U.S. Bank’s commercial real
estate office in Chicago. J.P. Morgan is joint lead arranger and syndication
agent on the loan.

About Taubman
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in
the ownership, management and/or leasing of 27 regional, super-regional and
outlet shopping centers in the U.S. and Asia. Taubman’s U.S.-owned properties
are the most productive in the publicly held U.S. regional mall industry.
Taubman is currently developing six properties in the U.S. and Asia totaling
5.6 million square feet. Taubman Centers is headquartered in Bloomfield Hills,
Mich.and Taubman Asia is headquartered in Hong Kong.Founded in 1950, Taubman
has more than 60 years of experience in the shopping center industry.
www.taubman.com.

For ease of use, references in this press release to “Taubman Centers,”
“company,” “Taubman” or an operating platform mean Taubman Centers, Inc.
and/or one or more of a number of separate, affiliated entities. Business is
actually conducted by an affiliated entity rather than Taubman Centers, Inc.
itself or the named operating platform.

About U.S. Bank Commercial Real Estate
U.S. Bank Commercial Real Estate specializes in providing creative credit and
non-credit financial solutions for real estate developers, REITs, and
commercial property owners across the United States. U.S. Bank offers such
services as construction/development lending, property acquisition lending,
refinancing, lines of credit, and syndications. With an employee base of 400
professionals in 25 offices, U.S. Bank Commercial Real Estate builds long-term
relationships designed to help American businesses grow.

About U.S. Bank
U.S. Bancorp (NYSE: USB), with $371 billion in assets as of March 31, 2014, is
the parent company of U.S. Bank National Association, the 5th largest
commercial bank in the United States. The Company operates 3,083 banking
offices in 25 states and 4,878 ATMs and provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. Visit U.S.
Bancorp on the web at usbank.com.

Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140429005307/en/

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Contact:

U.S. Bank Public Relations
Nicole Garrison-Sprenger, 612-303-0731
nicole.sprenger@usbank.com
 
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