Recovery! Simon, WP Glimcher Each Lose Malls to Foreclosure; Kimco Mall Facing Similar Fate

mall

Simon, WP Glimcher Each Lose Malls to Foreclosure; Kimco Mall Facing Similar Fate

While the overall retail property sector appears to be strengthening, a handful of loans for lower-quality shopping centers and malls financed at the height of the previous CRE cycle are coming due now and proving to be a thorn in the side of publicly traded REITs.

Simon Property Group and WP Glimcher both turned malls back over to the lenders this week, and Kimco Realty Corp. disclosed that it doesn’t expect one of its joint venture-owned malls will be able to refinance a loan set to come due this fall.

All three of the malls involved in the foreclosure actions were last financed in 2006 and securitized in mortgage backed bond conduits.

Simon Property’s Greendale Mall in Worcester, MA, and WP Glimcher’s Merritt Square Mall on Merritt Island, FL, were transferred to REO status. And Kimco’s Cheyenne Commons in Las Vegas, which is owned in a joint venture with Big Shopping Centers USA, was moved into special servicing.

Rest here…

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4closureFraud.org

Comments
One Response to “Recovery! Simon, WP Glimcher Each Lose Malls to Foreclosure; Kimco Mall Facing Similar Fate”
  1. lvent says:

    It sounds like we’re being taken over by some foreign power in secret because theres no monetary value in the issuance of credit.

    Therefore they must give us back our investment into our properties or it’s either war or grand theft larceny.

    I think it’s both & the reason is the FEDERAL PENSIONERS enforcing the fraud present conflict of interest issues that make them war,criminals because identity theft is what they’re hiding by doing so.

    Moreover, protection rackets don’t do nothing in their name which makes them mobsters from the unknown because their identity is what they’re hiding & that’s racketeering of everything imaginable by doing so.

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