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. Earlier this month, Duluth Patch reported on the financial woes that Simon Property Group is facing with …
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