The Real Deal reported that Brookfield's financial woes continue as it grapples with challenges to its $1B mall portfolio. Brookfield recently defaulted on a $161.4M mortgage for a dozen office buildings. Brookfield defaulting on North Jersey mall Woodridge Center's $225M loan has led to foreclosure proceedings. - Sears, which occupied around 25% of the mall's rentable area, left the building in April 2020, and the loan was transferred to special service for imminent default in June.
- The mall's value has slumped from $366M in 2014, when it was appraised, to $86M, a staggering 77% decline.
- Trepp has flagged seven other Brookfield malls in Minnesota, Indiana, Michigan, Virginia, South Carolina, and Alabama for troubled debt.
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