Pittsburgh - PNC Real Estate Finance recently underwrote $93 million in redevelopment financing for Los Angeles-based Westfield America's Westfield Shoppingtown Independence Mall in Wilmington, N.C.
The transaction will help fund construction of a new 160,000 sq. ft. Dillard's department store, which will become the mall's fourth anchor tenant, as well as an 11,500 sq. ft. expansion of the mall's JCPenney store. Westfield America also plans to add 177,371 sq. ft. of new specialty shop space to the mall, bringing its total size to 1,026,317 sq. ft.
A member of PNC Financial Services Group, Pittsburgh-based PNC Real Estate Finance is a provider of credit products, capital markets financing, and other financial services to developers, owners and investors in commercial real estate. Westfield America is one of four publicly listed entities comprising The Westfield Group, which now manages an $11.1 billion portfolio.