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Florence Mall changes ownership after $90M loan default
Brookfield Properties relinquished mall to lenders
It’s the second local mall to default on its debt in the wake of a pandemic that accelerated store closures and kept shoppers from venturing outdoors.
and last updated 2021-02-05 19:48:43-05
The Florence Mall has changed ownership after Brookfield Properties resolved a $90 million loan default by handing the property over to its lenders.
It’s the second local mall to default on its debt in the wake of a pandemic that accelerated store closures and kept shoppers from venturing outdoors. And it signals a rapid decline for what had been considered one of the region’s strongest malls, with an occupancy rate of 87.9% as recently as last March, according to Brookfield s most recent annual report. ....

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