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Report: Projects show Detroit retail development demand
Detroit – Despite the widely reported financial troubles the Detroit area is facing, four current development projects demonstrate there is demand for new retail stores and restaurants in the city.
According to an article in Crain’s Detroit Business, all four projects are taking place near the Oakland Mall at the intersection of 14 Mile and John R. roads. Chicago-based Urban Retail Properties is reportedly developing Qdoba Mexican Grill and Starbucks locations off 14 Mile Road that will open later this fall.
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Sears plans $1 billion debt facility
Hoffman Estates, Ill. -- Sears Holdings Corp. on Monday said it plans to obtain a senior secured term loan facility of up to $1 billion to help lower borrowings under its revolving credit facility.
The company said that the term loan would be issued under its existing credit agreement, which provides for a $3.28 billion revolving credit facility.
The term loan is expected to mature in June 2018.