Lender Reclaims Va. Mall After REIT Drops $72M Mortgage

Law360, New York (January 5, 2012, 6:44 PM EST) -- Just six weeks after losing a New Jersey mall to foreclosure, retail real estate investment trust Taubman Centers Inc. turned over an 820,000-square-foot Virginia shopping center to the lender after walking away from its $72 million mortgage, the company revealed Thursday.

The lender took possession of Richmond's Regency Square Shopping Center in Richmond, Va., in lieu of foreclosure, with LNR Partners LLC acting as special servicer. Taubman did not disclose the lender, and UBS AG, which provided the original financing through a $200 million revolving credit...
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