The owner of the Mall of America has reportedly missed two months of payments for a $1.4 billion commercial mortgage-backed security. Triple Five Group said in a statement to the StarTribune that it continues to make “partial mortgage payments as well as meet other operating expenses.” The firm noted that revenue has dropped 85% at the Minnesota mall since it was forced to close due to the coronavirus.
- Not alone: Mall owners reported rock-bottom April rent collections, including about 12% for Tanger Factory Outlet Centers, roughly 20% for Brookfield Property Partners, and 26% for Macerich, Bloomberg reported.
- Largest shopping center in America: The 2 million SF complex boasts a Nickelodeon Universe indoor theme park and more than 500 stores. Triple Five’s Don Ghermezian said in an interview last month that without federal assistance, “many malls will be headed into default”.
- American Dream Mall in East Rutherford: Prior to the pandemic, the mall was slated to be a mix of 55% entertainment-related tenants and 45% retailers; however, the developer now says the complex will be roughly 70% entertainment and 30% retail.