Mall of America confirms it is not making full mor
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Posted On: 05/21/2020 4:40:52 PM
Mall of America confirms it is not making full mortgage payments, citing COVID-19
tip of the iceberg, IMO. Countries and states with no quarantines are doing better than the US as a whole. The sleazy liberals and supporters are destroying the USA needlessly to blame Trump for the problem THEY are causing, IMO.
https://www.startribune.com/mall-of-america-c...570666942/
The mall said it's not been able to tap federal aid programs to fill an 85% decline in revenue.
The Mall of America confirmed Thursday that it has not been able to meet its mortgage payment obligations for the Bloomington retail and entertainment complex that has been closed since mid-March due to the COVID-19 pandemic.
The confirmation comes after published reports that the mall missed payments on its $1.4 billion mortgage in April and May.
According to reports from the Financial Times and Bloomberg, mall management notified Wells Fargo & Co., the servicer overseeing the mortgage, of the challenges it faced due to the global pandemic.
In a response to questions, Mall of America representatives said Thursday that it has made partial mortgage payments as its revenue has dropped 85% since it was forced to close. The mall plans to reopen June 1.
“That lost revenue has impacted our ability to stay current on our operating expenses,” the Mall of America said in a statement. “Unfortunately, Mall of America has not been able to qualify for any of the federal aid programs that are designed to get people back to work and protect businesses. Facing significantly reduced revenue, and the realization that it will take many months to return to pre-COVID operating levels, we have not met our full mortgage payment obligations. This is not unique to Mall of America and is in fact a struggle facing countless businesses nationwide.”
The Mall of America’s mortgage has been submitted to a special servicer in hopes to agree on modifications on the terms of the loan.
Bloomington Mayor Tim Busse said he and other city officials have been in contact with mall representatives and in discussion on possible ways the city could assist, but he declined to discuss any details.
“We understand the challenges that they are facing. … In reality, the mall is hundreds of small businesses,” Busse said.
The mall has more than 500 stores and draws more than 40 million visitors a year.
Mall owner Triple Five Group, a family-run business based in Edmonton, Canada, has also had to delay the full opening of its American Dream mega mall in New Jersey due to COVID-19.
tip of the iceberg, IMO. Countries and states with no quarantines are doing better than the US as a whole. The sleazy liberals and supporters are destroying the USA needlessly to blame Trump for the problem THEY are causing, IMO.
https://www.startribune.com/mall-of-america-c...570666942/
The mall said it's not been able to tap federal aid programs to fill an 85% decline in revenue.
The Mall of America confirmed Thursday that it has not been able to meet its mortgage payment obligations for the Bloomington retail and entertainment complex that has been closed since mid-March due to the COVID-19 pandemic.
The confirmation comes after published reports that the mall missed payments on its $1.4 billion mortgage in April and May.
According to reports from the Financial Times and Bloomberg, mall management notified Wells Fargo & Co., the servicer overseeing the mortgage, of the challenges it faced due to the global pandemic.
In a response to questions, Mall of America representatives said Thursday that it has made partial mortgage payments as its revenue has dropped 85% since it was forced to close. The mall plans to reopen June 1.
“That lost revenue has impacted our ability to stay current on our operating expenses,” the Mall of America said in a statement. “Unfortunately, Mall of America has not been able to qualify for any of the federal aid programs that are designed to get people back to work and protect businesses. Facing significantly reduced revenue, and the realization that it will take many months to return to pre-COVID operating levels, we have not met our full mortgage payment obligations. This is not unique to Mall of America and is in fact a struggle facing countless businesses nationwide.”
The Mall of America’s mortgage has been submitted to a special servicer in hopes to agree on modifications on the terms of the loan.
Bloomington Mayor Tim Busse said he and other city officials have been in contact with mall representatives and in discussion on possible ways the city could assist, but he declined to discuss any details.
“We understand the challenges that they are facing. … In reality, the mall is hundreds of small businesses,” Busse said.
The mall has more than 500 stores and draws more than 40 million visitors a year.
Mall owner Triple Five Group, a family-run business based in Edmonton, Canada, has also had to delay the full opening of its American Dream mega mall in New Jersey due to COVID-19.
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