Sunday, March 29, 2009 6:57:14 PM
12:15 p.m. 03/28/2009 By Keiko Morris, Newsday, Melville, N.Y. Provided By Knight Ridder/Tribune
Mar. 28--The owners of the Mall at The Source in Westbury have defaulted on a $124-million interest-only balloon loan, according to a Manhattan-based firm that tracks commercial mortgage-backed security transactions.
The mall -- where stores of bankrupt retailers Fortunoff and Circuit City are liquidating their goods and where Steve & Barry's once had a location -- had a 10-year-old balloon loan that matured on March 11, said Thomas Fink, senior vice president of Trepp, which tracks the performance of commercial real estate loans that have been securitized. The loan servicer, LNR Properties of Miami, listed the loan as a nonperforming mature balloon loan, he said, which means the servicer does not expect the balance of the loan to be paid.
It originally was issued in 1999 by Nomura, and the owner of the mall is listed as W&S Associates. Records from the New York State Department of State show the address of W&S as the Simon Property Group (SPG), owner of the Roosevelt Field Mall, Walt Whitman Mall and Smith Haven Mall. The records were unclear regarding the ownership composition of W&S.
No one at Simon Property (SPG) was immediately available for comment Friday evening.
"What's been happening is that more and more commercial properties have been having trouble refinancing balloon payments that are coming due," Fink said. "There's no market right now or the market is not giving them the proceeds or the rate they want to refinance the mortgage."
To see more of Newsday, or to subscribe to the newspaper, go to http://www.newsday.com
Copyright (c) 2009, Newsday, Melville, N.Y.
Distributed by McClatchy-Tribune Information Services. For reprints, email
http://www.newsday.com/business/ny-bzmal...
Recent SPG News
- Simon Property Group Announces $3.5 Billion Revolving Credit Facility • PR Newswire (US) • 09/19/2024 08:05:00 PM
- Simon® Completes Expansion of Busan Premium Outlets • PR Newswire (US) • 09/18/2024 12:00:00 PM
- Introducing ShopSimon™: Brands You Love. On Sale. 24/7. • PR Newswire (US) • 09/05/2024 11:55:00 AM
- Simon® to Present at BofA Securities 2024 Global Real Estate Conference • PR Newswire (US) • 09/04/2024 08:10:00 PM
- Palantir and Lucid Shares Surge After Beating Estimates; ZoomInfo and Chegg Drop 16% – Earnings Update • IH Market News • 08/06/2024 09:47:17 AM
- Simon® Reports Second Quarter 2024 Results, Increases Full Year 2024 Guidance and Raises Quarterly Dividend • PR Newswire (US) • 08/05/2024 08:05:00 PM
- U.S. Index Futures and Oil Prices Plunge on Recession Concerns • IH Market News • 08/05/2024 09:46:20 AM
- Simon® Announces Date For Its Second Quarter 2024 Earnings Release And Conference Call • PR Newswire (US) • 07/11/2024 08:05:00 PM
- bp signs deal with Simon® to expand ultra-fast EV charging network in US • PR Newswire (US) • 07/10/2024 04:29:00 PM
- CAMP, The Family Experience Company, and Simon Announce Collaboration to Bring Play-and-Shop Retail Experiences to Families in Philadelphia & Houston • PR Newswire (US) • 06/18/2024 01:04:00 PM
- PHOENIX - New Joint Venture Led by WHP Global - Receives Court Approval to Acquire Operations of Express Retail Company • PR Newswire (US) • 06/14/2024 06:30:00 PM
- Form 11-K - Annual report of employee stock purchase, savings and similar plans • Edgar (US Regulatory) • 06/13/2024 02:22:23 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/29/2024 06:03:38 PM
- SIMON® ANNOUNCES NEW LUXURY LIFESTYLE MIXED-USE DEVELOPMENT AT FASHION VALLEY, SAN DIEGO'S TOP SHOPPING DESTINATION • PR Newswire (US) • 05/20/2024 12:00:00 PM
- Simon® Reinvesting in Houston's The Galleria™, One of the Most Iconic, Luxurious Shopping Centers in the U.S. • PR Newswire (US) • 05/16/2024 03:50:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 06:14:47 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 06:10:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 06:08:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 06:06:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 06:04:36 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 06:02:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 06:00:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 05:58:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 05:55:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 05:53:13 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM