Business & Tech
Discover Mills Mall Owners Miss Balloon Payment
Simon Properties reportedly missed payment on a $135 million loan.
More troubles for Gwinnett County malls. Analytics firm Trepp reports Simon Property Group missed a balloon payment on . The company has a $135 million loan on the 1.2 million square foot mall which was built in 2001.
According to Trepp, Simon has "found it challenging to land take-out financing" on the mall, which has leases for anchor stores about to expire or recently expired. ' lease was up in November while , and ' leases all expire in January 2012.
The mall has an occupancy rate of 79 percent as of the third quarter.
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Earlier this month, on the financial woes Simon Property Group is facing with Gwinnett Place Mall.
Indiana based Simon Property group also owns the Mall of Georgia in Buford.
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