Providence Place mall owner seeks mortgage relief after COVID struggle [View all]
The owner of the Providence Place mall has fallen behind on the property's mortgage and is trying to refinance its obligations on the property, according to ratings agency Fitch.
The mall mortgage was placed in special servicing April 27 "due to imminent monetary default," Fitch Ratings said as it downgraded the credit rating of bonds containing the mortgage.
A special servicer manages securitized loans that are in default.
Chicago-based Brookfield Properties purchased the mall and other assets of prior owner General Growth Properties in 2018.
The publicly-traded Brookfield "requested a possible maturity extension in order to secure refinancing," Fitch wrote. "The special servicer is reviewing the request at this time."
Read more: https://www.providencejournal.com/story/news/politics/2021/05/16/providence-place-mall-owner-seeks-mortgage-relief-after-covid-struggle/5120070001/
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