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The owners of Regency Square Mall secured a $10 million mortgage.

$10M mortgage issued for Regency Square Mall

By Karen Brune Mathis, Managing Editor

Regency Square Mall’s buyers secured a $10 million mortgage from the Israel Discount Bank of New York.

The document was recorded Tuesday with the Duval County Clerk of Court. The mortgage is dated April 25.

The ownership group bought the 47-year-old Arlington mall for $13 million on Feb. 14.

Regency Mall Realty LLC, which is the lead company that bought Regency, is a joint venture of Namdar Realty Group LLC and Mason Asset Management, both of Great Neck, N.Y. The three groups in the venture secured the mortgage.

The buyers have remained quiet for most of the three months since buying the mall.

About a week after buying the mall, a representative said the group intended to reposition the shopping center’s tenants to the east side of the mall and was considering redevelopment options for the largely vacant west side of the mall.

“We feel that the east mall will remain a vibrant retail shopping area and we are exploring all options for the west mall,” said Elliot Nassim, president of Mason Asset Management Inc., a partner in the ownership group, after the mall purchase.

He could not be reached late Tuesday.

The venture bought Regency Square from GGP Regency Square LLC.

Namdar and Mason focus on buying and redeveloping aging shopping malls. Regency Square was built in 1967 and doubled in size in 1981-82, adding even more space in the early 1990s. By year-end 2013, the mall was 37.9 percent occupied, down from 60.1 percent at the end of 2012.

Regency is at 9501 Arlington Expressway. The east side of the mall was the site of the original mall. The west mall was built in the expansion.

Nassim said the ownership group also would invest in a mall facelift and added security.

Potential uses for Regency that have been discussed in the community include retail as well as possibly converting, or removing, space on the west part of the mall for development as medical, office, educational and other community services.

kmathis@baileypub.com

@MathisKb

(904) 356-2466

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