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New York

$124M loan at Westbury mall in default

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.

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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.