Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Denver Mall Owner Snags Timely Refi
Brookfield Properties refinanced the Park Meadows Mall in Lone Tree two days before its $615 million loan was set to mature.
Brookfield successfully refinanced the property for $700 million. The new loan is good for five years.
The Denver Business Journal reports the owners had been making payments on it since November 2019, but the loan was added to loan-servicer watch lists in September because of its upcoming maturity date.
Park Meadows, at 8401 Park Meadows Center Dr., is the second-largest shopping center in the Denver metro area. It has over 170 retailers, which includes tenants like Crate & Barrel, Nordstrom and Williams Sonoma. It was built in 1996 and renovated in 2018. It was 97% leased as of March.
According to loan documents, the property was valued at $1.2 billion in October 2019, the last known lender appraisal.
- ◦Financing
