The Real Deal New York

$124M loan at Westbury mall in default

March 27, 2009 10:38AM
By Adam Pincus

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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 on the 521,486-square foot mall, the Source, was due in March, but was not repaid and was placed in default, according to 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 Great American Group Real Estate.

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