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New financing deal may be on horizon for Mall at Greece Ridge
New financing deal may be on horizon for Mall at Greece Ridge
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The owner of The Mall at Greece Ridge is reportedly close to finalizing an extension or restructuring of its $62.1 million mortgage.
Trepp, an analytics and service provider for the commercial real estate, structured finance and banking communities, reports that Wilmorite Management Group has reached “a tentative agreement for an extension/modification,” according to special servicing notes.
The mall loan has been in special servicing since late 2019, according to Trepp and Fitch Ratings Inc. It matured in 2020 without repayment, Fitch reported.
The financing of the mall is of interest to investors in commercial mortgage-backed securities (CMBS). The Greece Ridge Mall loan comprises 21 percent of the collateral behind the commercial mortgage securities trust JPMCC 2010-C2.
In March, Fitch Ratings downgraded seven of the nine classes of that securities trust. The downgrades, Fitch said, were due to the high concentration of mall-backed collateral. Greece Ridge prompted the greatest concern for Fitch analysts, even though another mall, Arizona Mills in Tempe, Ariz., secured the largest percentage of the fund (48.8 percent).
The Greece mall loan was transferred to special servicing in November 2019 at the request Wilmorite because, Fitch said, the company was attempting to refinance the mortgage. However, Fitch said that Wilmorite was “unsuccessful in obtaining financing and the loan matured in October 2020.”
Trepp said the mall property was valued at $147 million in 2010 but has declined significantly, to $71.6 million in 2019 and then to $45 million last year.
Wilmorite officials declined to comment.
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