The impacts of COVID-19 stay-at-home orders and business restrictions may seal the fate of regional malls that were already struggling before the pandemic, a report by DBRS Morningstar concluded.
The credit rating agency's CMBS Weekly Chronicle notes that CBL Properties recently announced in its second-quarter financials that it is preparing to turn over to lenders three properties with secure commercial mortgage-backed securities loans: Burnsville Center in Burnsville, Minn.; Eastgate Mall in Cincinnati, Ohio; and Hickory Point Mall in Forsyth, Ill.
Those developments are not surprising given historical performance trends for those malls, the report concluded.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Cheryl Miller
Cheryl Miller, based in Sacramento, covers the state legislature and emerging industries, including autonomous vehicles and marijuana. She authors the weekly cannabis newsletter Higher Law. Contact her at [email protected]. On Twitter: @CapitalAccounts
