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Saturday, November 21, 2009
Coronado Owner Reworks Loans
Journal Staff and Wire
LOS ANGELES — Mall operator General Growth Properties Inc., which runs Coronado Center in Albuquerque, said Thursday its lenders have agreed to restructure some $8.9 billion in shopping mall mortgage loans.
The agreements, which cover loans on more than 70 malls, could enable some of the shopping centers to exit bankruptcy before the end of this year, the company said.
What it means for Coronado Center, one of 200 regional shopping malls in 44 states owned or operated by the company, remains unclear.
No specifics were offered by the company when asked how the deal will affect Coronado Center, owned by General Growth Properties.
"As promised from the very beginning, the process has not impacted our properties," David Keating, spokesman for the company wrote in an e-mail response to the Journal. "All our properties have continued to prosper and we are preparing for what we hope is a successful holiday season for our retailers."
That was similar to what Coronado Center general manager Randy Sanchez told the Journal in April when the bankruptcy was filed, saying despite the filing it was still "business as usual" at the mall.
Thomas Nolan, Jr., General Growth's president and chief operating officer, said he hoped the deals would lay the groundwork for restructuring another $6 billion in mortgage loans on other shopping malls.
General Growth is "hopeful that our other secured mortgage lenders will work with us to reach agreements quickly," he said in a statement.
The company, which is based in Chicago, is the second-largest mall operator in the nation and owns or manages more than 200 malls.
The real estate investment trust and roughly 166 regional shopping centers and subsidiaries filed for Chapter 11 protection in April.
At the time, it reported $27 billion in debt, making it the largest U.S. real estate bankruptcy case in history.
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