Business & Tech

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  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. ' 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 that 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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