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Wilmorite, lender agree on Eastview Mall loan extension
Wilmorite, lender agree on Eastview Mall loan extension
The owner of Eastview Mall and Eastview Commons in Victor has finalized a loan extension with its lender, enabling the loan to transfer back to master servicing, according to Trepp.
The $210 million loan, labeled as “troubled” by Moody’s Investor Service in February of 2022, had been transferred to special servicing last summer, two months ahead of the scheduled September payoff date.
However, the lender and area mall operator Wilmorite have agreed on an extension that pushes loan maturity back two years, Trepp reported.
With 725,000 square feet of Eastview Mall and 86,000 square feet of Eastview Commons providing collateral, the loan is split between two commercial mortgage-backed security deals of CMBX 6: 45.3 percent of COMM 2012-CR4 and 59.9 percent of COMM 2012-CR5, according to Trepp.
The loan on Eastview Mall and Commons entered special servicing once before, in May 2020, when Wilmorite fell behind on debt payments, Trepp data showed. The loan moved back to master servicing just two months later when payments became current, and they remained current until last summer, according to Trepp.
Trepp is a provider of data and insights to the structured finance and commercial real estate industry through its database of securitized mortgages.
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