Providence Place mall owner seeks mortgage relief after COVID struggle

[TexasTowelie]

The owner of the Providence Place mall has fallen behind on the property's mortgage and is trying to refinance its obligations on the property, according to ratings agency Fitch.

The mall mortgage was placed in special servicing April 27 "due to imminent monetary default," Fitch Ratings said as it downgraded the credit rating of bonds containing the mortgage.

A special servicer manages securitized loans that are in default.

Chicago-based Brookfield Properties purchased the mall and other assets of prior owner General Growth Properties in 2018.

The publicly-traded Brookfield "requested a possible maturity extension in order to secure refinancing," Fitch wrote. "The special servicer is reviewing the request at this time."

Read more: https://www.providencejournal.com/story/news/politics/2021/05/16/providence-place-mall-owner-seeks-mortgage-relief-after-covid-struggle/5120070001/

[abqtommy]

1. I think all businesses need to be supported, either through legislation preventing

foreclosure or through outright monetary awards. It's the right thing to do if we think that
supporting the health of our citizens and our businesses is important. And it is.

[ret5hd]

2. We could place qualifications on such assistance:

Wage/benefit requirements, environmental requirements, etc.

We know how we WANT businesses to act…when business WANTS something from us, it should be a bargaining opportunity, not a gift.