With scarce revenue, the Ghermezian family, which owns the mall, can’t keep up with the bills on the complex.
One investor has been buying up struggling retail centers at bargain basement prices, building an empire of 268 properties.
Improving property fundamentals and some distressed opportunities are likely to lead to more investment activity in the seniors housing sector.
More owners have been able to catch up on delinquent loans, which has short circuited predictions of a massive pandemic-induced distressed real estate cycle.
The owners of the 3.3-million-sq.-ft. property used the reserves to make a $9.3 million August payment on $290 million of debt.
The moratorium will apply to counties with high rates of coronavirus infections and last until Oct. 3.
SVPGlobal raised $5 billion for the Strategic Value Special Situations Fund V to buy debt and equity in struggling companies.
The National Apartment Association filed a lawsuit Tuesday at the U.S. Court of Federal Claims in Washington.
The key to acquiring bargains in these situations is to understand the process and dynamics of a bankruptcy sale.
Acquisitions of retail property rose in recent months. But the sector continues to face uncertainty and a bid/ask divide.