Macerich’s Queens Center Mall emerges from special servicing

New York /
Nov.November 17, 2020 04:19 PM
Macerich’s Queens Center Mall (Photo via Macerich)

Macerich’s Queens Center Mall (Photo via Macerich)

Macerich’s Queens Center Mall is out of special servicing.

The $600 million loan returned to its master servicer Nov. 4 after Macerich made its monthly payments, as well as the repayment amounts required under the Standstill Agreement for the three consecutive months of September, October and November, according to CMBS debt tracker Trepp.

The loan was originally transferred to special servicing Apr. 29 due to a default. In May, Macerich entered into a Standstill Agreement with lenders Wells Fargo, JPMorgan and Bank of America, providing for a three-month deferral of monthly payments, with a 30-day extension option. However, in July, Macerich received an extension.

After months of remaining under lockdown orders, the Elmhurst mall reopened in September. While recovery has been slow, approximately 93 percent of the property has returned to operation and as of September, its foot traffic was at 53 percent of what it was a year prior.

The mall is anchored by a J.C. Penney and houses a Forever 21, both of which have been saved from bankruptcy by Simon Property Group and Brookfield Property Partners. It is also home to a Macy’s, which has been pulling out of malls in exchange for smaller stores.

Mall owner Macerich has had a tough year because of the pandemic: It reported a $26.7 million net income loss in the second quarter, and revenue fell 22 percent year-over-year.





    Related Articles

    arrow_forward_ios
    Gopuff co-CEO Rafael Ilishayev (Gopuff, iStock)
    Gopuff scaling back warehouse footprint amid rapid-delivery slowdown
    Gopuff scaling back warehouse footprint amid rapid-delivery slowdown
    Incoming WeWork CFO Andre Fernandez (WeWork, iStock)
    WeWork names new CFO
    WeWork names new CFO
    Brian R. Steinwurtzel and 100 Pearl Street (GFP Real Estate, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
    Squash club starting a racket at 100 Pearl Street office tower
    Squash club starting a racket at 100 Pearl Street office tower
    Upflex co-founders Christophe Garnier and Ginger Dhaliwal (Upflex, LinkedIn/Ginger Dhaliwal, iStock)
    Upflex raises $30M, signaling rise of flex-office aggregators
    Upflex raises $30M, signaling rise of flex-office aggregators
    Vorea Principal's Peter Papamichael with 10-04 Borden Ave (Vorea Group, iStock)
    Skydiver lands first NYC location in Long Island City
    Skydiver lands first NYC location in Long Island City
    Two Trees Management's Jed Walentas and 50 West 23rd Street (Walentas/via Marc Skrivo, Google Maps, iStock)
    Trustpilot takes 34k sf at Two Trees’ Midtown South building
    Trustpilot takes 34k sf at Two Trees’ Midtown South building
    Bruce Brickman and 35-11 9th Street (Young Jewish Professionals, Google Maps)
    Astoria cigar factory converted to offices highlighted NYC i-sales last week
    Astoria cigar factory converted to offices highlighted NYC i-sales last week
    BlackRock's Larry Fink, with 98 Riverside Drive (BlackRock)
    BlackRock sells stabilized UWS rental for $90M after landmark designation
    BlackRock sells stabilized UWS rental for $90M after landmark designation
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...