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The biggest shopping center in the country, The Mall of America, has missed two months of payments on its $1.4 billion mortgage.

Retailers aren’t the only ones struggling to pay the bills.

The biggest shopping center in the country, The Mall of America, has missed two months of payments on its $1.4 billion mortgage, a sign of just how much retail real estate owners are reeling during the coronavirus pandemic.

The mall, operated by private developers Triple Five Group, skipped mortgage payments in April and May, according to Trepp, a New York-based research firm that tracks the commercial mortgage-backed securities, or CMBS, market.

A spokesperson for Triple Five Group did not immediately respond to CNBC’s request for comment.

Mall of America closed its doors because of the Covid-19 crisis on March 17. It has now notified notified Wells Fargo, the master servicer that is overseeing its mortgage, of the “hardships” it faces. But it is not clear if Triple Five Group will seek forbearance on its loan.

Mall of America, located in Bloomington, Minnesota, is planning to reopen its retail stores on June 1, according to its website.

“Next to hotel owners, retailers have been the hardest hit by the Covid-19 crisis,” Manus Clancy, Trepp senior managing director, told CNBC. “The percentage of delinquent retail loans has already surpassed the highest percentage reached during the financial crisis and could be headed higher.”

Mall of America- and American Dream-owner Triple Five Group had previously told CNBC that it was concerned about some of its tenants not paying rent, which was going to hinder its ability to make mortgage payments.

American Dream co-CEO Don Ghermezian told CNBC in an interview in early April: “The difficulty we are going though now ... if tenants don’t want to pay rent, my response is: ‘I have got to pay a mortgage. I borrowed money. I have got to pay back my lenders.’”

If there is not more assistance to come from the federal government on this front, “many malls will be headed into default because they won’t be able to make mortgage payments going forward,” he said at the time.

Mall of America is not alone in this scenario, either. A number of malls are missing mortgage payments, and particularly those in the CMBS market.

As of the start of this week, Trepp said the percentage of CMBS loans categorized as 30 or more days delinquent for the retail sector was 10%. And those loans in a grace period, meaning a payment could still potentially be made, was 13.6%, Trepp said.

“We’re starting to see forbearances coming in,” Clancy said.

The FT first reported on the Mall of America delinquency.


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Hope they been payin’ their insurance.


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Originally Posted by MIKEWERNER
Hope they been payin’ their insurance.


Read your policies, Mike. Most specify no coverage for damages caused by war, riots or insurrections.


The degree of my privacy is no business of yours.

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ya my company just decided not to renew the lease on our building. problem is now i have to get all kinds of schit out of it in 3 weeks. i got a feeling that a lot of tech companies will do the same thing.


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When you don't pay your mortgage, you have a problem.

When Mall of America doesn't pay it's mortgage, the bank has a problem.


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I can't remember the last time I shopped in a mall.... roving bands of "youths".... potential contact with sick people..... aside from fresh produce/meats my friend in the big brown truck delivers 85% of what I buy today..... I have a hunch the mega shopping malls are going to go the way of hitching posts....


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Been there couple times since it opened. And I lived 25 miles from it. I’m sure I’ll never go back.


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Originally Posted by 2ndwind
I can't remember the last time I shopped in a mall.... roving bands of "youths".... potential contact with sick people..... aside from fresh produce/meats my friend in the big brown truck delivers 85% of what I buy today..... I have a hunch the mega shopping malls are going to go the way of hitching posts....



Go Brown...........

what's a mall ??


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Call in an air strike

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Correction:

Mall of Africa,


just sayin...


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Been there one time
Jan 1992
Seemed good, back then
Won’t be back


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I like how the media pretends this is news.

WTF did everyone think would happen when nobody could work?

Can't make this fuggin' schit up.


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Hard to pay bills when the gov't shuts down your business...


Originally Posted by deflave
I like how the media pretends this is news.

WTF did everyone think would happen when nobody could work?

Can't make this fuggin' schit up.
Sure can't....


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Mall shopping was a paradigm shift in shopping. Along came stand alone big box stores, and then outdoor settings, almost park, or campus like, with huge numbers of big boxes. Now, home delivery is a big thing.
Retail has always been in flux. Mom and pop private stores are really becoming rare. Business agility will save some mall retail companies. Many will fail. That’s just the way it is.


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Maybe they should move the riots there and then all the store owners can file insurance claims.
Win win.


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Insurance doesn't cover riots.


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Originally Posted by Snowwolfe
Maybe they should move the riots there and then all the store owners can file insurance claims.
Win win.

Damage caused by disgruntled looters and thieves is not covered under any insurance policy I ever heard of. Your business gets looted & burned, you are SOL.

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Originally Posted by shootbrownelk
Originally Posted by Snowwolfe
Maybe they should move the riots there and then all the store owners can file insurance claims.
Win win.

Damage caused by disgruntled looters and thieves is not covered under any insurance policy I ever heard of. Your business gets looted & burned, you are SOL.

If you have a acts of terrorism rider it does but most small business don't carry it.


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Originally Posted by 338Rem
Correction:

Mall of Africa,


just sayin...


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Originally Posted by deflave
I like how the media pretends this is news.

WTF did everyone think would happen when nobody could work?

Can't make this fuggin' schit up.

Everything will be just fine when all the businesses open back up and all those post riot new opportunities for a better life emerge. Oh wait...


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