The owner of Park Meadows mall in Lone Tree refinanced its existing $615M property loan just days before a potential default, the Denver Business Journal reported Oct. 31.
New York-based real estate investment firm Brookfield Properties secured a new $700M loan with a five-year term on Oct. 30. The DBJ reported that Brookfield had been making monthly payments of about $1.6M on the prior loan, which carried a 3.18% interest rate over the past four years.
The loan was added to a special servicer list in September because of a Nov. 1 maturity date.
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At 8401 Park Meadows Center Drive, Park Meadows is the second-largest shopping center in the Denver metro area, according to data from the DBJ. The mall houses over 170 retailers and draws shoppers from across the metro Denver area with proximity to I-25.
Built in 1996 and renovated in 2018, the property was 97% leased as of March, according to loan documents cited by the DBJ. The last known appraisal in October 2019 valued the mall at $1.2B.
Brookfield submitted plans for an apartment project on the mall site in 2023, but the plans have yet to come to fruition.
Meanwhile, Colorado Mills mall in Lakewood faces a similar loan maturity deadline on Nov. 1 for a nearly $119M loan. Colorado Mills is owned by Indianapolis-based Simon Property Group and its loan was also sent to a special servicer, the DBJ reported in mid-October.
Colorado Mills is the fourth-largest shopping center in the Denver area, offering more than 1.4M SF of leasable space. The DBJ noted that the mall was last valued at $215M in October 2014.
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