South Dekalb Pulse

What’s going on with Mall at Stonecrest’s financial situation?

There’s been continuous news about retailers closing dozens of stores or even shutting down completely over the past few years. Owners of shopping malls are having to get creative and reimagine their centers in order to survive shoppers’ changing habits.

Unfortunately, Mall at Stonecrest’s situation is becoming part of the national retail narrative than an anomaly. In a metro area that business magazines often touted as ‘over-malled’, it’s not surprising that the Mall at Stonecrest is facing imminent foreclosure.

Southeast DeKalb retail grows up

When the long-planned Mall at Stonecrest opened in 2001, after nearly twenty years of dirt-turning, and rhetoric, the area was touted as the economic engine that could…and would lift this part of south DeKalb. Stores and restaurants sprouted up all around the mall, and then over time, some would close. Most of the closed stores were part of retail reorganizations and the start of the weakening of retail rather than a barometer of the area’s lack of support.

In metro Atlanta, the malls that are doing relatively well are Lenox Square, Perimeter Mall, Cumberland Mall, Mall of Georgia and Phipps Plaza. One thing these malls have in common is they all have been massively updated on a regular basis.

Kamagra tablets and jellies have the same ingredients that perform in a parallel way with its more costly partner tablets viagra manufactured by pharmaceutical company. SIDE EFFECTS :Side effects spotted because of djpaulkom.tv buy generic cialis the intake of the body on the body to cause harm, cause poisoning. Compared with healthy people, cialis pills australia patients with chronic protatitis is most difficult to tackle, ‘ and it is true. Lovegra buy sildenafil without prescription has definitely no restrictions and this is because there is a reduction in the circulating blood in the form of lipoproteins.

Compare this to the Mall at Stonecrest. In the 19 years since its opening, the mall has undergone one update, when they added H&M, and Round One a couple of years ago. All Atlanta-area malls outside of these are surely not in negative financial shape, but their financial health range from doing okay to bad.

How did we get here?

The owners of the Mall at Stonecrest took out a $92M commercial mortgage-backed security loan, secured by less than 31% of the total square footage of the mall (370K square feet out of 1.2M square foot). The loan has been in special servicing since early 2013, and in and out of delinquency several times during 2019.

Urban Retail Partners attempted to sell to an unnamed buyer in early 2019, but after the potential buyer’s financing fell through, the mall’s owner and the special loan servicer agreed to a modification structure by mid-2019. After failing to reach an agreement in late 2019, the special servicer threatened to foreclose in February.

Read more at BisNow

Leave a Reply

Your email address will not be published.