Discover Mills Owner Misses Balloon Payment
Simon Property Group reportedly missed payment on a $135 million dollar loan.
More troubles for Gwinnett County malls. Analytics firm Trepp reports Simon Property Group missed a balloon payment on Discover Mills Mall in Lawrenceville. 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. Off Saks' lease was up in November, while Burlington Coat Factory, Books-a-Million and Last Call Neiman Marcus' leases all expire in January 2012.
The mall has an occupancy rate of 79 percent as of the third quarter.
Indiana-based Simon Property group also owns the Mall of Georgia in Buford.