Distress hits Town East Mall, $66M CMBS balance to special servicing

  • 7/11/2024

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The Real Deal

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Retail real estate is booming in Dallas-Fort Worth, but some owners hamstrung by high interest rates are still struggling to pay the bills. That’s what happened to Brookfield Properties’ Town East Mall in Mesquite. The Toronto-based commercial real estate company has been struggling for more than four years to pay off a CMBS loan package that was issued in 2012. A $66.4 million balance on one of the loans has been sent to special servicing for maturity default, according to data from Morningstar Credit. The loan, which was originated by Barclays, was set to mature in June 2020. Brookfield defaulted on it in 2020 and ’21 and modified it twice, pushing back the fully extended maturity date to June 1 of this year. 

Brookfield Properties
Jon King | SVP, Operations-Chicago, Denver, Dallas, Seattle, OH & CA (Multifamily)
Brookfield Asset Management
Alex Elawadi | Managing Partner, Real Estate

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