Eastern Union Arranges $8.8M Refinancing of Tulsa Promenade Mall
TULSA, OKLA. — Eastern Union Funding has secured an $8.8 million loan for the refinancing of the Tulsa Promenade, a 424,633-square-foot enclosed regional mall in Tulsa, Okla. Abe Kolman of Eastern Union arranged the non-recourse, five-year loan on behalf of Tulsa Promenade Realty Management LLC, a New York-based borrower. Ready Capital Structured Finance was the lender. The loan includes future tenant improvements and leasing commissions that will be used to address lease rollover at the property, which was purchased in a short sale more than two years ago for $12.3 million. Situated on 22 acres, the mall is anchored by Dillard’s, Macy’s, JCPenney and Sky Fitness & Wellbeing. Regal Promenade Palace Stadium 12 is also located in the mall.