All tagged Kansas City

Despite Fed Liquidity, Mall Value Plunges

The mall was encumbered by a $200 million commercial real estate mortgage, well supported by the 2007 value for the property of $250 million.  However, by 2017, SPG defaulted because it was “unable to repay the loan at maturity due to the size of the loan compared to the net operating income that the property generates and the tenants inability to increase sales due to the economic challenges.”