Biggest U.S. Mall Is Two Months Delinquent on $1.4 Billion Loan
- Mall of America missed making April and May payments
- Mega-mall in Bloomington, Minnesota, closed since March 17
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The Mall of America, the largest U.S. shopping center, missed two months of payments for a $1.4 billion commercial mortgage-backed security, the latest sign of the devastating impact of pandemic-related shutdowns on the retail industry.
“The loan is currently due for the April and May payments,” according to a report filed by the trustee of the debt, Wells Fargo & Co., which is also the master servicer for the loan. “Borrower has notified master servicer of Covid-19 related hardships.”