Associated Bank recently completed a $48 million senior loan for Merle Hay Mall, a regional mall and office complex in Des Moines.
The floating-rate facility was arranged by Associated Bank as sole agent, with Banker’s Trust, Two Rivers Bank and Trust and Bank Iowa making up the bank group.
Merle Hay Mall is a 1.1-million-square-foot enclosed regional mall and office complex. Anchors include Target, Kohl’s, Younkers and Sears.
The new loan provides capital for a final phase of renovations at the mall. It will fund the conversion of a split-level retail area into an eight-screen movie theater and microbrewery. It will also provide capital for the relocation and re-tenanting of various stores inside the mall, streetscaping of the mall’s southern exposure and funds to support the attraction of tenants for new retail shops.
