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<\/div>\nMinnesota’s Mall of America<\/a>, one of the nation’s largest shopping centers, missed its third payment on its $1.4 billion mortgage, Bloomberg<\/a> reported.<\/p>\n That puts its owner, Triple Five Group, more than 60 days delinquent. The Canadian-based company failed to make its $7 million debt payment for June, the news service reported, citing unnamed sources.<\/p>\n Don Ghermezian, a senior executive at the real estate development company, told CNBC<\/a> in April that without federal assistance, “many malls will be headed into default.”<\/p>\n Triple Five Group and the Mall of America did not respond to Bloomberg’s requests for comment.<\/p>\n The 5.6-million-square-foot complex on nearly 100 acres features more than 520 shops, including Macy’s and Nordstrom and two hotels. In addition, the mall’s center has a 7-acre indoor theme park, Nickelodeon Universe, according to the company’s website<\/a>. Since it opened in 1992, more than 1 billion people have visited the mall.<\/p>\n The mall closed in March in response to the pandemic. It partially reopened last week with reduced capacity at restaurants and movie theaters.<\/p>\n Last month, the Financial Times<\/a> (FT) reported Triple Five Group missed its April and May mortgage payments to Wells Fargo.<\/p>\n The company is not alone.<\/p>\n More than one in five loans bundled into U.S. commercial mortgage-backed securities are on “watch lists” kept by mortgage servicing companies, FT reported, up by 80 percent since the pandemic began.<\/p>\n Data from Trepp, a provider of information to the securities and investment management industries, reported 7.3 percent of loans bundled into commercial mortgage-backed securities deals were 30 or more days overdue in mid-May, according to FT.<\/p>\n “Delinquencies will remain elevated until consumers have confidence to go out again,” Gunter Seeger, a portfolio manager at PineBridge Investments, told FT.<\/p>\n While retailers are under pressure, there are signs of life.<\/p>\n In a separate report, PYMNTS noted<\/a> retail and food services sales in the U.S. rebounded last month compared to April amid the pandemic, according to the U.S. Census Bureau.<\/p>\n The numbers were still below levels seen in May of last year. The agency estimated advance monthly sales for May of $485.5 billion, a nearly 18 percent jump from April of this year, but 6.1 percent under sales from May of 2019.<\/p>\n Retail trade sales increased by an estimated 16.8 percent from April of this year but were still 1.4 percent below 2019’s levels.<\/p>\n Tags:<\/b> Pymnts<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"See Campaign: <\/strong>https:\/\/www.pymnts.com\/news\/retail\/2020\/retail-food-service-sales-jump-by-estimated-17-7-pct-in-may\/<\/a>
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Minnesota’s Mall of America, one of the nation’s largest shopping centers, missed its third payment on its $1.4 billion mortgage, Bloomberg reported. That puts its owner, Triple Five Group, more than 60 days delinquent. The Canadian-based company failed to make its $7 million debt payment for June, the news service reported, citing unnamed sources. Don Ghermezian, a senior … Continue reading Mall Of America’s Mortgage Payments Reportedly Overdue<\/span><\/a> Continue Reading