Retail Properties Going Back to Lenders
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.