America's largest mall is reportedly 2 months behind on a $1.4 billion loan
The Mall of America, the biggest mall in the US, has missed two months of payments on a $1.4 billion commercial mortgage-backed security,The filing states that the loan is currently due for April and May payments, according to the report. In addition, the borrower has notified Wells Fargo of COVID-19-related hardships.
The Mall of America closed March 17 amid sweeping lockdowns to curb Covid-19. It plans to reopen some retail shops June 1. The biggest mall in the US is experiencing financial hardship as the coronavirus pandemic slams the retail industry. The Mall of America, based in Bloomington, Minnesota, has missed two months of payments on a $1.4 billion commercial mortgage-backed security,. The report cited a filing by Wells Fargo, the trustee of the debt and a master servicer of the loan.
The filing states that the loan is currently due for April and May payments, according to the report. In addition, the borrower has notified Wells Fargo of COVID-19-related hardships. It's the latest mall to show signs of struggle amid the coronavirus pandemic, which shutdown non-essential businesses across the country in mid-March to contain the disease. Many retailers and their landlords are struggling to pay their rent and mortgages as physical stores are shut down and consumers shift to shopping online.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump-Favored Construction Firm Involved In Ongoing Inspector General Investigation Wins $1.3B Border Wall ContractFisher Sand & Gravel has been touted by Trump after its owner made several appearances on Fox News.
Read more »
Business Leaders Urge Congress To Send $1 Trillion In Relief Funding To States And Local GovernmentsTop business leaders including Disney Executive Chairman Bob Iger and Salesforce CEO Marc Benioff are urging Congress to send another $1 trillion in emergency relief funding to local governments by theothersarahh
Read more »
Business Leaders Urge Congress To Send $1 Trillion In Relief Funding To States And Local GovernmentsA bill including $875 billion for states was passed by the House last week, but the Senate is not expected to approve it.
Read more »
The Man Betting $1 Billion That Pfizer Can Deliver A Vaccine By This FallMeet the man betting $1 billion that Pfizer can deliver a vaccine by this fall:
Read more »
They bought a $1 house in Italy, then Covid-19 struckBuyers have been flocking to Italy to buy bargain priced houses being sold by dying towns attempting to lure new residents. But what happened to these new home owners when coronavirus descended?
Read more »
Old Navy's $1 Flip-Flop Sale Starts Super Early This Year, but There's a CatchIf there's one thing we know for certain, when it comes to buzzy shopping events, the $1 flip-flop sale at Old Navy is up there. In fact, the easy-to-wear
Read more »