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A $295M loan backed by Simon Property Group’s The Shops at Mission Viejo has matured and is in special servicing.
Simon Property Group is seeking an extension, Commercial Observer reported, citing an alert from Trepp. It’s also possible that short-term forbearance could come into play, according to CO.
The mall at 555 The Shops Ave. was valued at $543M when it was securitized. Refinancing was predicted to be a challenge as early as last year.
The loan was slated to mature on Feb. 1, according to a Feb. 6 filing with the Securities and Exchange Commission by Simon. That same filing shows Simon as 51% owner in the mall.
The mall is anchored by Macy’s and Nordstrom, neither of which have lease expiration dates coming up soon, CO reported.
In its fourth-quarter earnings for 2022, Simon reported a net income of $673.8M, compared to $503.2M in the same period the previous year. The REIT's portfolio reported a 1.5% increase in occupancy, up to 94.9%, and a 2.3% increase in rent, up to $55.13 per SF.
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