Simon Property Group is seeking an extension of a $295M loan backed by The Shops at Mission Viejo, a CMBS deal that came due on Feb. 1 and went into special servicing.
The mall at 555 The Shops Avenue was valued at $543M. According to an SEC filing on Feb. 6 notifying the regulator that the loan had gone into special servicing, the Simon REIT is the 51% owner in the mall. According to an alert from Trepp, short-term forbearance also is a possible resolution of the matter.
The Shops at Mission Viejo is the southernmost mall in Orange County, anchored by Macy's, Nordstrom and Dick's Sporting Goods.
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