After reportedly missing payments amid the pandemic as shops closed for a time and occupants didn’t pay rent, Mall of America has changed the stipulations of its $1.4 billion mortgage and is current on the debt, CNBC reported.
“Facing these unprecedented economic times, we immediately began to work with our lending partners to address the cash flow issues created by this loss of revenue. We are pleased to have been able to resolve the outstanding issues to the satisfaction of all parties involved which included a modification of the loan terms,” Mall of America said in a statement to PYMNTS.
The debt has been current as of December, CNBC reported, citing data from research firm Trepp. Because of the pandemic, the Minnesota shopping center was shuttered from the middle of March up to June. Retail tenant collections at the facility dropped to a trough of 33 percent in May and April, CNBC reported, citing Trepp data.
“While the coming months will continue to present unique challenges, we remain optimistic for our business and look forward to the day when we can once again welcome back visitors from around the world,” Mall of America said in the statement.
In September, news surfaced that Mall of America was contributing a 5,000-square-foot retail area to local companies, which was dubbed the Community Commons. The space was to be rent-free to 17 firms, opening at the beginning of October, and was to stay running up to this spring on Level Two of the south side of the shopping center.
“We are proud to welcome these businesses to Mall of America where guests will be introduced to an even greater slice of what our retail community has to offer beyond the doors of Mall of America,” Mall of America EVP of Business Development and Marketing Jill Renslow said, according to a published report at the time.
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