Macerich’s Queens Center Mall emerges from special servicing

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.

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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.