First Fidelity Secures $240 Million Retail Loan

Raleigh, N.C. — Crabtree Valley Mall offers 1.35 million square feet of retail.

Crabtree Valley Mall is the dominant regional mall in eastern North Carolina.Raleigh, N.C.  — Atlanta-based First Fidelity Mortgage Corp. has arranged $240 million in senior secured financing for the 1.35 million-square-foot Crabtree Valley Mall, located in Raleigh. The loan proceeds were used to repay existing maturing debt and fund ongoing capital spending programs. Kell Martin and Richard Booth of First Fidelity secured the 10-year loan through a major life insurance company on behalf of the borrowers, a separate-account client of Clarion Partners and an affiliate of Plaza Associates.