$124M loan at Westbury mall in default.Byline: Adam Pincus A $124 million loan for a large mall in Westbury, Long Island, that was home to bankrupt retailers Fortunoff and Circuit City, is in default. The 10-year-old, interest-only loan Interest-only loan A loan in which payment of principal is deferred and interest payments are the only current obligation. on the 521,486-square foot mall, the Source, was due in March, but was not repaid and was placed in default, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Trepp, a firm that tracks the debt market for commercial mortgages. Two major tenants in the mall, jeweler and home goods store Fortunoff and electronics chain Circuit City, are liquidating their assets. Fortunoff's 208,000-square-foot leasehold at the regional mall is being marketed for $1.90 per square foot by Manhattan-based asset liquidator Liquidator Person appointed by an unsecured creditor in the United Kingdom to oversee the sale of an insolvent firm's assets and the repayment of its debts. Great American Group Real Estate. |
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