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Retail Properties Going Back to Lenders

by thiryj

It is a sign of the times.  Once high flying CRE investors giving back properties to the lenders (deed-in-lieu).  We were told to expect that many of these would be worked out  – it looks like Simon Property’s lenders didn’t get the memo.  Loopnet reports that:

A venture led by Simon Property Group is considering giving the Granite Run Mall in Media, PA, to its lender, a CMBS trust that holds a $115M mortgage against it. It is also considering putting the suburban Philadelphia property on the sales block.

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