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Home > BizTimes Daily > Archives > December 1, 2008
Mayfair Mall owner gets extension on loans
Published December 1, 2008 - BizTimes Daily
General Growth Properties Inc., the financially strapped real estate investment trust (REIT) that owns Mayfair Mall, announced it has reached an agreement with its syndicate of lenders to extend the deadline of its loans for two weeks.
The company has negotiated an extension on its its Fashion Show and Palazzo mortgage loans totaling $900 million, which had been due Nov. 28.
The parties are continuing their discussions on a longer term extension, General Growth announced.
Chicago-based General Growth has an ownership interest in or management responsibility for a portfolio of more than 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings.
The company portfolio totals approximately 200 million square feet of retail space and includes over 24,000 retail stores nationwide. However, the firm has been struggling as growing numbers of retailers are closing stores in response to declining consumer demand.
