Urban Shopping Centers is shopping for a $90 million construction loan and is talking to three banks about a deal. The Chicago-based retail real estate investment trust is looking to expand its upscale Houston Galleria mall by 700,000 square feet and is expected to hold a bank meeting at the end of the month, according to market players familiar with the deal. Gerald Egan, ceo of Urban Retail Properties, referred calls to a spokesperson who declined to comment.
Banks in the running to provide the financing include Fleet Securities, Commerzbank and PNC Capital Markets, market players said. It is too early to say if the loan will be syndicated or what pricing will be. Matthew Gallghen, managing director at Fleet, Doug Treynor, v.p. at Commerzbank and Marc McAndrew, managing director at PNC, did not return calls. An official at Bayerische Landesbank, which may look at the deal, said it was too early to say if it will bid.