A big San Jose shopping mall that a few weeks ago landed new investments to revamp its ownership structure had to wrestle with a loan delinquency for the mall’s financing just ahead of the re…
SAN JOSE — A big San Jose shopping mall that a few weeks ago landed new investments to revamp its ownership structure had to wrestle with a loan delinquency for the mall’s financing just ahead of the recent agreement.
On the same day in January 2016 when an affiliate of Pacific Retail Capital Partners paid $225 million to buy Eastridge Center, Bank of China’s Los Angeles Branch provided the $150 million mortgage to Pacific Retail Capital. But prior to the disclosure of the deal with Silver Eagle, loan papers revealed some difficulties with the 2016 loan provided by the Bank of China.The disclosure was in a modification of the original loan. “The trustor has requested from the lender that the loan be modified to, among other provisions, extend the maturity date of the loan, adjust how the interest rate is calculated and establish a payment plan for past due and delinquent debt.
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