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Starwood Retail in Default of Shops at Willow Bend’s $136M Loan

Starwood Retail is in default on its loan for the Shops at Willow Bend. The company has been unable to refinance the unpaid balance of the $135.7-million loan, secured by the Plano, TX mall. The loan, which matured on Nov. 8, 2019, has been transferred to a special servicer.

The loan is secured by the Shops at Willow Bend, as well as Fairlane Town Center (Dearborn, MI) and Stony Point Park (Richmond, VA).

Starwood Retail acquired the 1.2-million-square foot property in 2014 from Taubman, the developer. Both owners had poured a great deal of resources into the asset at 6121 W. Park Blvd. However, customer traffic has been weak, especially given the many shopping choices available to Dallas and Collin County shoppers. In January 2020, Starwood wrote down the value to zero of its investment in four other malls purchased from Taubman. The assets are in Florida, Virginia, North Carolina and Michigan.

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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