LITHONIA, GA-The Mall at Stonecrest has run into debt problems, according to the Atlanta Business Chronicle.
The shopping center is facing imminent default on a $98.7-million loan backed by the mall, according to Fitch Ratings. The loan was transferred to a special servicer—C-III Asset Management LLC, on Jan. 3, according to Fitch Ratings. Construction on the 1.2-million-sf property was completed in 2001. The mall's occupancy rate fell to 76.5% in the third quarter of this year, according to Trepp LLC of New York City, the story stated.
Forest City Enterprises Inc. owns the majority interest in the property that is anchored by Kohl's, Macy's and Dillard's.
In 2011, Forest City entered into a joint venture with an outside partner what assumed more than $49 million in debt for a 49% equity interest in the property. See story in the Atlanta Business Chronicle.
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