The Real Deal Miami

Mall owners struggle with credit problems

December 16, 2008 11:31AM

One mall owner has been unable to complete a major deal because of
credit problems and two others are struggling to stay out of
bankruptcy. Developer Diversified Realty Corp., owner and manager of
720 shopping centers worldwide, said yesterday that a deal to sell
stakes in 13 shopping centers for $890 million won’t close this month.
General Growth Properties, developer of Pier 17, the South Street Seaport and a mixed-use project on East 125th Street,
was still negotiating with lenders Monday for an extension on a $900
million bank loan.