The Mall Of America No Longer Delinquent On $1.4 Billion Mortgage
The Mall of America has modified the terms of its $1.4 billion mortgage and is current on the loan, after missing months of payments during the Covid crisis as stores shut temporarily and tenants failed to pay rent. Triple Five Group, the owner of the largest mall in the U.S., started missing mortgage payments in April, CNBC previously reported. But it has struck a deal with lenders, who expressed “strong confidence in the long-term success and viability of Mall of America,” the owners said. The $1.4 billion loan has been current since December, according to Trepp, a New York-based research firm that tracks the commercial mortgage-backed securities, or CMBS, market. Beginning with the December payment, the loan was converted to interest-only through maturity, Trepp said. Read more at CNBC.
