The most recent appraisal for Eastview Mall and Eastview Commons in Victor shows the value of the property has declined more than 70 percent since the current loan on the property was issued 10 years ago.
Trepp reported in Friday’s The Weekly Commercial Real Estate Direct newsletter that the mall and adjacent commons were appraised at $101 million earlier this month, compared to $368 million when Wilmorite took out the refinancing loan on the 51-year-old mall in 2012. A total of $210 million is owed on the property, Trepp records show.
Just over 810,000 square feet of the 1.7 million square foot property serves as collateral for the loan, which is securitized mostly through COMM 2012-CCRE4.
While the loan was scheduled to mature in September, Trepp reported the loan continues pay as though it hasn’t reached maturity. The loan requires interest-only payments at 4.625 percent, and that the principal of $120 million remains.
Trepp’s Loan Property Detail spreadsheet shows the special servicer anticipates an extension of the loan, likely to be finalized by the end of January. Wilmorite executed similar refinancing on the Mall at Greece Ridge in 2021.
Things Remembered, JD Sports, OFFLINE by Aerie, Showcase are among the stores to open in the mall since the summer.
Trepp is a provider of information, analytics and services to the structured finance, commercial real estate and banking markets.
In May, Fitch Ratings designated the Eastview Mall and Eastview Commons loan as a Fitch Loans of Concern. That played into Fitch’s downgrading from stable to negative of Deutsche Bank Securities, Inc’s COMM 2012-CCRE4 commercial mortgage pass-through certificates, Fitch said in a rating action commentary.
Mall devaluation is taking place across the country. New York’s largest mall, Destiny USA in Syracuse, was, by some reports, appraised at around $147 million compared to the $715 million it was valued at in 2014. Facing default, mall owner Pyramid Management Group of Syracuse worked out a five-year loan extension in June.
Palisades Mall, in the Rockland County hamlet of West Nyack, dropped more than 50 percent. In Bossier City, La., the Pierre Bossier Mall that once was appraised at $69 million, was recently appraised at $7.5 million, Trepp reported.
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