The Day – Crystal Mall owner to transfer title interest “to lender”
Waterford – Simon Property Group “will transfer its stake in” Crystal Mall “to the lender,” according to a report from a bond agency released on November 12, 2020.
The final mortgage payment of $ 84.4 million for Crystal Mall is due in June 2022, the report says. With the current financial situation, the company does not expect to be able to refinance it. The report did not identify the lender and the fate of the property is unclear.
MarketWatch, a financial news site, reported news of the report on Saturday and highlighted the challenges facing the retail industry during the COVID-19 pandemic.
MarketWatch also reported that Simon Property Group “has indicated that it will engage in a ‘friendly foreclosure’ of the Tuttle Crossing shopping center in Dublin, Ohio, and the Southridge shopping center in Greendale, Wisconsin.” , and “would no longer inject capital into the Montgomery.” North Wales Mall, Pennsylvania. “Overall, the four malls have” $ 410.9 million in mortgage debt, “according to MarketWatch.
Simon Property Group did not immediately respond to a request for comment on Saturday.
“In these difficult times, it’s no surprise that property owners are looking for ideas on how to best use their assets,” said Rob Brule, Waterford First Selectman. “That being said, Waterford will continue to be a great city for doing business and (looks) forward to working with all parties involved.”
Tony Sheridan, president and CEO of the Eastern Connecticut Chamber of Commerce, said he and a half-dozen community leaders he called on Saturday were unaware of Simon Property’s plans Group, but some people did not find the news surprising, such as Amazon and online shopping continues to hurt retail.
He encouraged people to buy local and do all they can to help retailers and suppliers: “It’s going to be a very difficult season, and we really have to do everything we can to help them,” he said. .
Sheridan noted that the Crystal Mall is a value property with a solid structure and a great location with freeway access.
Crystal Mall is one of Waterford’s biggest taxpayers.