TIAA-CREF loan backs retail center acquisition

TIAA-CREF has provided a $79.2m loan to Crow Holdings Capital Partners for its acquisition of the Festival at Bel Air shopping center in Bel Air, Maryland. The seven-year loan (three years interest-only) carries a 3.9% interest rate at a 70% loan-to-value. The 437,227 sq ft property had previously served as collateral for GS 2005-GG4, a $76m CMBS loan.